Philippine Economy Bounces Back

The Philippine economy, despite criticisms from within the country against the government of President Gloria Macapagal-Arroyo, has made a comeback. "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 protesters 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." (Wall Street Journal, James Hookway, 2007).

This article may be one year old, but it brings to mind to every Filipino scattered all over the world, that their country that once was downtrodden by government corruption, abuse, poverty and rebellion has risen up and has been attracting foreign investors and retiring Filipino baby boomers. The Perpetual Sick Man of Asia is making a recovery.

For more on this article from Wall Street Journal's James Hookway, please click on this link.

For additional commentary regarding the WSJ article, please read "Sick Man Rebounding", Manila Standard Today's Emil Jurado.