"President Arroyo is thankful of this recognition from Forbes magazine, which she considers more an acknowledgment of the gains being made by the Filipino people on the road to political stability and economic progress," Press Secretary Ignacio Bunye said in a statement.
"The President is but an instrument of the sovereign people and any accolade extended to her is an accolade for the entire Philippines," he said.
Forbes, which ranked Mrs. Arroyo 45th, ahead of Britain’s Queen Elizabeth II and Nobel laureate Aung San Suu Kyi of Myanmar, however, said the "storm is not yet over" for the President but credited her with the "successful lowering of the budget deficit and her work increasing Philippine electronics exports."
The President is the only Filipina on the powerhouse list and is only one of two Southeast Asians, alongside Suu Kyi.
The Forbes magazine accolades are not the only time Mrs. Arroyo has been cited among the best Asian leaders. Time magazine has called her the "Iron Lady of Asia" after she quelled several attempts to oust her from the presidency since she assumed office in 2001 and last month survived a second impeachment attempt by the minority in the House of Representatives. — Paolo Romero