Philippines: Arroyo's Economically Driven Troubles

Philippine President Gloria Macapagal Arroyo's current political troubles, like those previous Philippine leaders have faced, are determined as much by economics as by alleged improprieties. Though the Philippines' economic situation is not as rosy as it was under former President Fidel Ramos, it is not as dire as it was under deposed President Joseph Estrada. The economy right now is not dismal enough to prime the masses to come out in support of the opposition. However, the financial markets' response to apparent political instability presents a continuing danger to Arroyo, because it could compound existing problems she has with both the political and economic elites.