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DEBT Becomes Her. An Overview of the Debt Situation Under GMA. . The country again is in grave danger from spiraling into a debt tragedy. For one, the government under the administration of Gloria Macapagal Arroyo is increasingly relying on debt to keep its finances afloat. Second, this administration is changing some fiscal procedural, management, and reporting rules that allow it to juggle funds and statistics simply to make its

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