Present the brief economic contributions of the following Presidents:

1. Ferdinand Marcos Sr.

- The inclusion of tax reform in the legislative agenda during the first Marcos administration was
one of its key economic achievements. There haven't been any new tax initiatives since Carlos P.
Garcia's stint in office, in 1959, as a result of landlord dominance in the legislature. No new tax
legislation was introduced during the Macapagal administration. As a result, towards the end of
the 1960s, only indirect taxes accounted for between 70 and 75 percent of the nation's tax
income.
- The service contract plan was developed by the Marcos regime to get around constitutional
prohibitions against foreign exploitation of Filipino petroleum and gas resources. Due to this,
Royal Dutch Shell and Chevron, two major foreign oil and gas companies, received full
ownership of the Malampaya resources.
By passing rules on investment and export incentives for international investors, Marcos also
provided profitable chances for foreign money. The hundreds of special economic zones (SEZ)
that exist now around the country were inspired by the export processing zones (EPZ) he
established.
- A recruiting and placement program was established to send Filipino workers to foreign labor
markets as a result of Marcos' Presidential Decree 442, often known as the 1974 Labor Code.
The mechanisms put in place at the time, such as official and private recruitment agencies for
sending workers abroad, the creation of funds to aid OFW insurance and assistance, and
remittance programs, are all too commonplace today. OFWs were engaged in the Middle East
and as sailors in waves upon waves.
- Successful drive against smuggling. In 1966, more than 100 important smugglers were
arrested; in three years 1966-1968 the arrests totalled 5,000. Military men involved in smuggling
were forced to retire.
- Greater production of rice by promoting the cultivation of IR-8 hybrid rice. In 1968 the
Philippines became self-sufficient in rice, the first time in history since the American period. In
addition, the Philippines exported rice worth US$7 million.
2. Corazon Aquino

- In an effort to reduce the government's budget deficit, which grew during the Marcos
administration, the Aquino administration privatized some subpar government holdings and
deregulated many important sectors of the economy. Important economic laws including the
Built-Operate-Transfer Law, the Foreign Investments Act, and the Consumer Protection and
Welfare Act were also passed during Aquino's administration.

- To get the economy rolling was Aquino's economic advisors' first priority, which they
succeeded in doing in 1986. Despite being modest (1.9 percent), economic growth was
encouraging. Growth in each of the following two years was more respectable: 5.9 and 6.7
percent. Consumption drove growth in 1986 and 1987, but investment started to rise after that.
By mid-1988, industries were operating at close to full capacity, up from a low of 40% in 1985
when it came to capacity utilization. Due to the upbeat environment, investment in durable
goods increased by over 30% in both 1988 and 1989. The world community offered its support.
Foreign investment did not respond right away after Aquino assumed government, but it started
to build up in 1987. Foreign aid also contributed to the economy's growth. The Multilateral Aid
 Initiative, commonly known as the Philippine Assistance Plan, was an international effort to aid
the Philippines. A total of US$6.7 billion was offered at its sessions in 1989 and 1991.

- Another landmark law that was enacted during her tenure was the 1991 Local Government
Code, which devolved national government powers to local government units (LGUs). The new
Code also enhanced the power of LGUs to enact local taxation measures and assured them of a
share in the national revenue.

- The rate of inflation has fallen to single digits. Although they continue to be high enough to
draw deposits from the Philippines abroad, domestic interest rates have decreased as well. The
Philippine peso has gotten excessively strong, overseas reserves have surpassed historic highs,
and capital flight has reversed.

3. Fidel Ramos

- Ramos developed a comprehensive Social Reform Agenda (SRA) to address the persistent issue
of poverty, including agrarian reform, equal opportunity access, jobs and livelihoods, health,
education and skills development, housing, and environmental preservation. The Gross National
Product (GNP) of the nation increased by an average of 5% per year. During his presidency, the
average Filipino family's income increased more than it had over the previous two decades.

- The taxation system was reformed, and external debt was brought to more manageable levels
by debt restructuring and sensible fiscal management.

- The GNP and GDP of the nation were expanding at rates of 7.2 percent and 5.2 percent,
respectively, by 1996. The annual inflation rate had decreased from a high of 9.1 percent in 1995
to a current level of 5.9 percent. By the late 1990s, comparisons of the Philippines' economic
development to that of other Asian nations like Taiwan, Thailand, South Korea, and Malaysia
were favorable.

- Ramos started enacting economic changes that aimed to open up the country's once-closed
economy, promote private enterprise, attract more foreign and local investment, and lessen
pervasive corruption. In comparison to his predecessors, Ramos was also regarded as the
Philippine president who traveled abroad the most, making multiple trips that brought in
roughly $20 billion in foreign investments.

- In the Philippines in November 1996, Ramos led over the Fourth Asia-Pacific Economic
Cooperation (APEC) Leaders' Summit. He also implemented tax reforms, including a mandatory
VAT rise (E-VAT law) from 4% to 10% from the World Bank and the International Monetary Fund.

4. Joseph Estrada

- Under his administration, the GDP registered a 3.2 percent growth rate, up from a low of 0.5
percent in 1998, and the GNP rate rose from 0.1 percent to 3.6 percent in 1999, and inflation
rate went down from 11% to just a little over 3%.

- New General Banking Act (Republic Act No. 8791). The measure opens up the local banking
industry to foreign players after almost 50 years of having it exclusively reserved and protected
 for Filipino nationals. With the industry’s liberalization, at least 10 foreign banks have already
established their presence in the Philippines.

- The Estrada administration widened the coverage of the Comprehensive Agrarian Reform
Program (CARP) to the landless peasants in the country side. The latter’s administration
distributed more than 266,000 hectares of land to 175,000 landless farmers, including land
owned by the traditional rural elite.

- A number of benefits are provided under the Incentives for Regional Headquarters of Foreign
Multinationals (Republic Act No. 8756) act to multinational corporations locating their regional
hubs in the nation. Additionally, it offers businesses a tax- and duty-free operating environment,
multiple entry visas for expatriates and their families, a 15% flat income tax rate, and multiple
entry visas.

5. Gloria Arroyo

- The peso strengthened by nearly 20% in 2007, making it one of Asia's better performing
currencies for that year, a fact attributed to a combination of increased remittances from
overseas Filipino workers

6. Benigno Aquino

7. Rodrigo Duterte.