MANILA, Philippines -- President Gloria Macapagal-Arroyo maintained on Monday that the 7.3 percent economic growth recorded in 2007 was the “best year” for the Philippine economy in over 30 years.

Arroyo’s statement came following a recent survey by Pulse Asia Inc. showing that 66 percent of Filipinos believe that the economy has “worsened” over the last three years.

“2007 was the best year for the Philippine economy in over 30 years,” Arroyo said in her speech during the 11th Asia Investment Conference in Hong Kong.

“Economic growth was 7.3 percent, a million new jobs were created, and foreign investments have been steady and strong,” she said.

The President predicted that this growth would continue this year despite the global economic slowdown.

“2008 holds real promise for a different reason,”she said.

“Not only do we expect continued strong growth, but as a result of our total economic overhaul, we are well-positioned to weather a global economic slowdown which, unfortunately, will affect all of us,” she said.

Arroyo said the country’s macroeconomic fundamentals this year were stronger than ever citing the “tough choices” that her administration had taken to boost revenues, crack down on tax cheats, bring reform to revenue collection and modernize the banking and financial sector.

She said the tax revenues this year were not “stagnant” and even up by 17 percent last year.

Arroyo admitted, however, that the benefits were still working their way down “more slowly” to the masses.

But the President promised to spend the remaining two years of her term focused on further economic reforms while providing peace, order and stability.

“Most importantly, my last two years will be dedicated to one main objective: to invest, invest and invest some more in our nation.

Arroyo said her government was also taking corruption seriously.

“As an economist, I know that first and foremost, a strong economy is an economy that is transparent and free from corruption,” she said.

“We are freeing ourselves of the shackles of corruption evidenced by our growing economy – which is increasingly free of corruption and inefficiency,” she said.

Arroyo also reiterated that any allegations of wrongdoing would go straight to the Office Ombudsman.

“We will let the chips fall where they may as investigations are concluded and friend and foe alike are brought to account for their actions,” she added.