The administration of Philippine President Benigno "Noynoy" Aquino III, which served from June 2010 to June 2016, anchored its economic policy on good governance and anti-corruption under the slogan "Daang Matuwid" (Straight Path). This period was marked by significant economic expansion, with the country's Gross Domestic Product (GDP) growth averaging 6.2% annually, one of the highest rates in the region at the time.
Fiscal management under Aquino was credited with improving investor confidence, leading to multiple credit rating upgrades that brought the Philippines to investment-grade status for the first time. Key reforms included the Sin Tax Reform Act of 2012, which increased excise taxes on tobacco and alcohol to fund universal healthcare, and the Responsible Parenthood and Reproductive Health Act of 2012.
However, the administration faced persistent criticism for underspending on public infrastructure, which was seen as a bottleneck to more inclusive growth. The government's disbursement performance was often below target, particularly in the early years. The period also ended with a national debt of approximately 5.9 trillion Philippine pesos, up from about 4.6 trillion pesos when Aquino took office, though the debt-to-GDP ratio remained manageable.
