When Gloria Arroyo snatched the presidency from former President Joseph Estrada in 2001, she inherited what the civil socialites, now backing Noynoy, vilified Estrada of having a mismanaged government, citing the worsening budget shortfalls after a P1.45 billion surplus in 1997 and a P50 billion deficit in 1998. In the first full year of Estrada’s abbreviated administration, he had a P112 billion deficit in 1999, followed by a P134.2 billion shortfall in 2000. Estrada, however, was voted to the presidency when the financial crisis that hit Asia was at its worst, resulting in a drop in trade receipts and poor collections from private businesses. Arroyo took over in 2001 and on her first year, she already exceeded Estrada’s worst budget gap by incurring a shortfall of P147 billion. Source: The Daily Tribune URL: http://www.tribuneonline.org/commentary/20100801com1.html |
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29. Alam n'yo kaya na ngayon ang ika-115 na pagdiriwang ng pinakaunang
labanan ng Himagsikan bago pa man ang pangkalahataang pag-aaklas? Ngayon
unang lum...
13 years ago
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