President Gloria Macapagal-Arroyo is leaving a legacy of a domestic economy in a good shape, which includes stable industrial peace, owing to the tough fiscal reforms she implemented even at the cost of her popularity.

With less than three months in office, the President on Wednesday took pride in her economic achievements, such as lower poverty incidence and more job opportunities, and thanked the business community for its support in the last nine years.

Mrs. Arroyo defended her economic record during a forum of the country's employers whom she cited for fruitful cooperation and productive partnership with the administration since 2001.

While more than half of the countries in the world are reeling from negative growth and job losses estimated at 50 million, the President said the Philippines has sustained positive economic growth and generated more jobs than those lost.

“We managed to keep millions of jobs intact and created even more along the way even during the global crisis of last year,” she said during the 31st National Conference of Employers at the Manila Hotel, adding that the Philippines has a net gain of over one- million new jobs even in the face of the global recession.

“We should not be surprised therefore over the recent report that self-rated poverty has gone down this year to 43 percent, the lowest self-rated poverty in 23 years,” she added.