There is never a good time for a crisis. But for the Philip- pines, which has known more than its share of difficulties, the global economic downturn comes at a particularly tricky moment. After decades of failed promise, the country in recent years has registered some of its best economic performances ever as a result of the fiscal reforms and pro-business policies of President Gloria Macapagal- Arroyo. Now those gains are threatened by the recession in the U.S. and Europe, which has caused the country's exports to plunge and growth to slow sharply.
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