I recall having an argument with the main writers at Anti-Pinoy right after President Aquino won the election. The day after the election, the Philippine Peso strengthened markedly against the US dollar, more than the global trend of a weakening dollar would suggest it should. To me, there is nothing more factual than markets speaking , but the Anti-Pinoy people refused to accept this as a "fact" worth respecting.
The World Bank has just commented on the Philippine economic circumstance and cited an increase in money flowing to Philippine reserves. Here is what World Bank said in its latest quarterly update on the Philippines:
“The Philippines may already have moved to a new ‘normal,’ one with more robust and less variable growth. Such a growth pattern contrasts with the pre-Global Recession perception of the Philippines as a ‘high beta’ country with a weak fiscal position, and with recurrent political crises exposing the country to shocks and volatility."
A high beta country has a great deal of volatility because its finances are being yanked around. It certainly appears that under the less dull President Arroyo, money was being yanked around. The latest PCSO scandal suggests she was using that organization as her private piggy bank to award fancy cars to priests who supported her and to other mysterious "security" uses. It is one of several major financial scandals during her term, from ZTE to fertilizer to paper bags of money given to congressmen. None of these is a "country-breaker", but it did undermine trust. Because few trusted President Arroyo, few trusted how she managed the county's finances.
"Recurrent financial crises" are, I suppose, not dull, and more to the liking of the AP collective. More to write about, I suppose.
Today the peso strengthened to 42.88 pesos per US dollar.
Before President Aquino was elected, it ranged between 48.98 and 47.42.