For the past 12 years, the Philippine economy has seen fluctuations in its growth rate. When President Gloria Macapagal-Arroyo assumed office in 2001, growth was at an anemic 3.6 percent. It grew steadily above 4 percent for seven years before plunging to 1.1 percent in 2009 due to the global economic crisis.
In 2010, an election year which ushered the government of President Benigno S. Aquino III, it rebounded by 7.6 percent, the highest in the decade. Aquino's first full year in office, however, saw modest growth at 3.7 percent, before rising again at 6.8 percent in 2012.