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During the administration of former President *Gloria Macapagal Arroyo*, the **PSEi** went through several phases. Initially, the market was generally positive, driven by the government's efforts to implement fiscal reforms and attract foreign investment. However, later, political instability and corruption concerns took their toll, leading to volatility and periods of decline. This example shows us that investor confidence and political stability can greatly influence market performance. It shows the impact of a strong focus on fiscal policy but was marred by political controversy.
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