First 2 years of economy under PNoy best-performing in post-Edsa period -- NSCB
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MANILA - PNoy is the "fairest" among the post-Edsa Uprising presidents when it comes to managing the Philippine economy in their first two years in office, the National Statistical Coordination Board (NSCB) said on Monday.
In a report, NSCB Secretary-General Jose Ramon Albert said President Benigno
Aquino III enjoyed the highest gross domestic product (GDP) growth rates in the first two years of his presidency with 5.4 percent and 4.9 percent, respectively.
"Since the Erap presidency was short lived and PNoy is only in his 10th quarter of service as the country’s chief executive, it may be interesting to look at the performance of the economy in their first eight quarters of service of each president of the Fifth Republic to see who of them is the fairest of them all," said Albert, who was appointed by PNoy to replace Romulo Virola, who retired last year.
Albert said PNoy's first two years' of economic stewardship outperformed those of the four other presidents who came after the Philippines' return to democracy in 1986, as follows:
-- Corazon "Cory" C. Aquino, 3.4 percent and 4.3 percent;
-- Fidel "Eddie" V. Ramos, 0.6 percent and 3.4 percent;
-- Joseph "Erap" E. Estrada, 0.1 percent and 4.3 percent; and
-- Gloria Macapagal Arroyo, 2.9 percent and 3.6 percent.
Albert said Estrada endured the lowest GDP growth because his term coincided with the Asian Financial Crisis.
With regard to the two lady presidents who catapulted to power through popular uprisings, the domestic economy of Cory and GMA both accelerated in their second year in office at 4.3 percent and 3.6 percent, respectively, or up from 3.4 percent and 2.9 percent.
Comparing the performance of the major sectors of the economy, Albert observed that services grew the fastest during PNoy's first two years in office at 5.4 percent. Industry grew the fastest during the Cory administration at 4 percent, while the agriculture sector expanded the most during the Erap administration at 6.9 percent.
"If we focus on the three Presidents that completed their terms of office, viz., Cory, Eddie, and GMA, we would observe that the domestic economy performed best during the time of President GMA. The GDP average annualized growth rate hit 4.1 percent mainly driven by the Services sector," Albert said.