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Politics : Formerly About Advanced Micro Devices
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To: Taro who wrote (382655)5/5/2008 3:32:01 PM
From: TigerPaw  Read Replies (1) of 1575017
 
gov.ph

Gloria Macapagal Arroyo, the country's 60-year-old president, gets much of the credit for the turnaround. Two years ago, with thousands of street protestors threatening to oust her and the country drifting toward a financial crisis, she pushed a higher sales tax through Congress and signed it into law over the objections of her advisers. The move raised the tax to 12% from 10% and expanded it to a range of new products and services, including gasoline.

That politically risky step showed investors the nation was serious about putting its house in order after years of half-hearted attempts to cut its budget deficit, crack down on corruption, and do something about its decaying ports and power grid. A J.P. Morgan report in May predicted that the Philippines could have a balanced budget by next year and a budget surplus by 2009.
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