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Chapter 6: BUDGET
President Arroyo presided over 34 quarters of uninterrupted growth in
the Philippine economy, drastically cut the deficit and set the basis
of financial stability through the global financial crunch of 2009. The
budget was in a dismal state when she first took over the reins of
power in 2001. Revenues were low, debt was high, and inefficiencies and
corruption drained the country’s coffers. She took steps to ensure the
proper ranking of government expenditures and allocations and
implemented tax reforms to improve collections. By supporting and
pushing the revenue and customs agencies to ferret out tax evaders, she
stepped up revenue collections. Working closely with Congress, she
pushed for the approval of fiscal reforms to further increase revenues
and balance the budget. Her actions sustained the economy as it ushered
in a period of sustained growth that has shielded the Philippines from
global financial upheavals.
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