Radical fiscal reforms being implemented by the Arroyo administration in the last six years have resulted to marked improvement in the economy, Malacañang said in a press release yesterday.

Press Secretary Ignacio Bunye said the fiscal reforms have resulted to a stronger peso, reduced budget deficit and public debt and increased foreign investments.

These fiscal reforms include the Expanded Value Added Tax Law, which increases the rate of VAT imposed on goods and services from 10 to 12 percent, and the National Attrition Law which pushes revenue generating agencies to meet their collection targets or face stiff penalties. Bunye said President Arroyo was upbeat and "understandably proud" that the country has posted a record 24 continuous quarters of gross domestic product growth, the statement from Malacañang said.

A recent study showed that the Arroyo administration has garnered an average GDP growth rate of 4.37 percent, besting those of the previous four administrations.

Bunye, however, said that despite the lofty figures, President Arroyo is not resting on her laurels since her goal is to create more jobs than the 1.2 million created in the last 12 months.

Arroyo's fervent wish, he said, is "to one day break the cycle of Filipinos going abroad as a matter of need," the press statement added."*

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