Economy under Aquino

More than 2 years into his term, the Philippines boasts of having the second fastest growth rate in the region next only to China. It has also achieved a low budget deficit and improved revenue collection, which have earned it credit rating upgrades and provided more jobs. In September 2010, 9 million families considered themselves poor, compared to 10.3 million in May 2012. In April 2010, there were 35.4 million working Filipinos as compared to 37.8 million in April 2012. But the number of underemployed rose from 6.3 million to 7.3 million. Total revenue collection has risen to over P645 billion in May 2012 as compared to P500 billion for the full year 2010. The budget deficit from January-May 2012 is pegged at P22.8 billion as compared to P162 billion for the same period in 2010. Government debt has continued to rise in the last few years though at a slower pace during Aquino’s term.

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