FIDEL RAMOS PRESIDENT (1992-1998)

FAMILY BACKGROUND AND HISTORY.

Fidel V. Ramos was born in Lingayen, Pangasinan on February 8, 1928. His parents are Narciso Ramos (A lawyer, a crusading journalist, a legislator and later, secretary of foreign affairs) and Angela Valdez Ramos. Fidel V. Ramos have two sisters, Senator Leticia Ramos Shahani and Gloria Ramos de Rodda, a diplomat.

Become a Valedictorian of his graduating class at the Lingayen Elementary School in Maniboc, Lingayan, Pangasinan, he was the consistent valedictorian of his class, through his elementary grades and through his high school at the University of the Philippines.

In the year 1950, Fidel V. Ramos graduated in the U.S. Military Academy at West Point, New York, a well know military school in the U.S.A. He also acquired his master in Civil Engineering course at the University of Illinois in the year 1951. Another course in associate Infantry Company Officers at Fort Benning at Fort Bragg.

In the year 1960 he was the topnotcher of all the 21 graduated for the "Special Forces/Pay Operations/Airborne." Aside from those courses, he took up Command and General Staff at Fort Santiago year 1965, where he became the topnotcher of all 48 graduating students.

During the administration of President Marcos, Fidel V. Ramos became the Presidential assistant of military tactics. (1968-1969); Assistant to the head of State of the Civil Defense July 1, 1969- Nov. 6, 1970.

Head of the Intelligence Services of the Armed Forces of the Philippines and Deputy Chief of Staff for Home Defense Activities (1971-1981). Moreover, he become a delegate of the Philippines to other countries such as: Delegation for the third conference of the Association fo Southeast Asian Nations, held at Malaysia (1969) and the Ministerial conference of Southeast Asian Nations held at Kuala Lumpur (Nov. 1971).

According to his record, FVR receives award, medal and honor for his achievements in Korea and Vietnam. Known for his disciplinarian method in his troop but has a good faith in his heart.In his administration the good President look forward the dream for the Philippines as an industrialized country towards the year 2000.

He also emphasizes for the rebels who are willing to surrender, to achieved the real peace and order in the country.The Ramos Administration intensify to complete the Program such as; school buildings, roads and bridges, country wide development, country's infrastructure program for Luzon, Visayas and Mindanao and inviting foreign investors to put up business in the country to help the Filipino People. 

Fidel Ramos, in full Fidel Valdez Ramos, byname Eddie Ramos   (Born March 18, 1928, Lingayen, Phil.), Military leader and politician who was president of the Philippines from 1992 to 1998. He was generally regarded as one of the most effective presidents in that nation’s history.Ramos was educated at the U.S. Military Academy at West Point, N.Y., and at the University of Illinois, U.S. He then entered the Philippine army, serving in Korea and Vietnam. In 1972 President Ferdinand Marcos      (who was Ramos’ second cousin) appointed him chief of the Philippine Constabulary, and when Marcos imposed martial law later that year Ramos was responsible for enforcing it; the Constabulary arrested thousands of political dissidents. In 1981 Ramos became deputy chief of staff of the armed forces.

After the presidential elections of 1986, in which Marcos claimed victory despite allegations of large-scale electoral fraud, Ramos and defense minister Juan Ponce Enrile supported Marcos’ opponent, Corazon Aquino. Their defection sparked the civilian “People Power” movement that forced Marcos into exile. During Aquino’s presidency Ramos served as military chief of staff (1986–88) and secretary of national defense (1988–91), and he suppressed several military coup attempts against her government.

Ramos was elected to succeed Aquino in May 1992. As president he purged the national police force of corrupt officers; encouraged family-planning practices to curb the growth of the country’s population; and liberalized the Philippines’ heavily protected economy in order to spur economic growth. Ramos’ governing coalition won a decisive victory in congressional elections held in 1995, midway through his six-year term as president. His administration reached peace agreements with two long-active guerrilla insurgencies, the communist New People’s Army and the Muslim separatists of the Moro National Liberation Front. He meanwhile continued his efforts to deregulate major industries that were dominated by a handful of large companies and to improve the government’s inefficient tax-collection system. These reforms helped revitalize the Philippines’ economy, which emerged from years of stagnation to grow at a rapid rate in 1994–97. The country was thus able to weather a severe business downturn that crippled national economies across Southeast Asia in 1998. Ramos was constitutionally restricted to one term as president, which ended in June 1998.

“1986 EDSA REVOLUTION ANDTHE AQUINO GOVERNMENT”

Assassination of Ninoy AquinoSeptember 21, 1972- proclamation of Martial Law

President Marcos tried to neutralize his opponents and the opposition party by filing charges to them.

He ordered for the arrest of Senator Benigno “Ninoy” Aquino Jr. Aquino was imprisoned at Fort Bonifacio for almost 8 years. He was

released when he underwent a heart bypass operation in the United States.

For almost 3 years in the United States, Aquino decided to return to the Philippines, Marcos tried to stop him, claiming that there was a threat to his life.

He was ordered to postpone his return to the country but he persisted. By using fake travel documents, he was able to fly back to the Philippines.

August 21, 1983- He boarded at China Airlines that landed at Manila International Airport at about 1:00 p.m in the afternoon.

At the stairway, a shot rang out, in a few seconds several shots were fired.

Ninoy’s lifeless body lay dead on the airport Tarmac.

Rolando Galman- Ninoy’s alleged

His lifeless body was found few meters from Aquino’s body

SNAP PRESIDENTIAL ELECTION OF 19861985-the call for change of government and the resignation of President Marcos emerged.

February 7, 1986- snap presidential election called by Marcos.

-to prove that majority of the citizens still trust Marcos and he still have the mandate of the people.

The government party, KBL chose President Marcos and Assembly man Arturo M. Tolentino as their official candidates for president and vice president.

On the opposition:

United Nation Democratic Party (UNDO) and PDP Laban

- Mrs. Corazon C. Aquino (president) – Ninoy’s widow.

-Salvador H. Laurel (vice president) - son of the late President Jose P. Laurel.

President Marcos, a brilliant politician, planned the KBL Party strategy to ensure their victory in the snap election, by using “guns, goons, and gold” to intimidate or entice voters to support the Marcos- Tolentino ticket.

“Marcos pa rin! ” (Were still with Marcos!)

-battle cry of the KBL

“Tama Na, Sobra Na, Palitan Na! “ (Enough is enough- change them”)

“Ituloy ang laban ni Ninoy!” (Continue Ninoy’s fighting”)

-These are the slogan of Aquino-Laurel ticket during the election.

RESULT OF THE SNAP ELECTIONAs tabulated by the National Citizen Movement for Free Elections

(Namfrel), the result of the election showed that, despite massive cheating, intimidation and bribery by the government, Marcos and Tolentino ticket lost to a margin of about 800,000 votes to Aquino and Laurel ticket.

The so-called “official” tallies made by the Commission on Elections, as certified by the Batasang Pambansa , did not reflect the will of the people.

Thirty Commission on Election tabulators walked out of the Philippine International convention Center (PICC), where the supposedly official tabulation was done; in protest of anomalous computerized tampering of the results.

February 15, 1986- The Catholic Bishops Conference of the Philippines issued a pastoral latter to be read in all Catholic churches.

February 16, 1986 (Sunday) - the opposition held a huge rally, attended by some four million people at Luneta Park, Manila.

Mrs. Aquino called for a peaceful non-violent civil disobedience movement and she promised to rally the support of the people to her cause through the country.

People Power Revolution

The “People Power” started as a military revolt of the reform movement in the Armed Forces of the Philippines.Leaders:

Juan Ponce Enrile – Secretary of DefenceGeneral Fidel Ramos – Deputy Chief of Staff

February 22, 1986 - Minister Enrile and General Ramos gave a press conference to announce their withdrawal of support from President Marcos.

-Minister Enrile admitted that Mrs. Aquino had won the elections and that President Marcos had been deceiving the people for some time.

-He called on Marcos to resign and for the people to support the military defectors.

Priest and nuns led by Cardinal Sin and ordinary citizens inspired by Corazon Aquino, Salvador Laurel and others, joined the anti-Marcos soldiers.

Three Powers:

*military

*church

*people power

The initial defection by a handful of brave military leaders turned into a people’s revolution. After the appeals for public support were aired over Radio Veritas, the Catholic radio station, thousands of people filled Camp Aguinaldo and Camp Crame, where the military defectors and reformist troops waited from the attack of Marcos’ soldiers.

February 23, 1986 – thousands more came and reinforced the human barricade around two camps.

General Fabian Ver - leader of the Marcos loyalist troops which causes the said situation more critical.

About 8 p.m. - the attacking forces, riding in armoured tanks and carriers under the command of Brig. Gen. Artemio Tadiar, arrived at Epifanio de los Santos Avenue (EDSA) in front of Camp Crame.

They could not assault the camp because thousands of unarmed civilians had formed a vast human barricade to block the way. Priests and nuns knelt or sat in front of the tanks, and behind them were many more citizens ready and willing to sacrifice their lives.

People rushed to the soldiers and offered them food and drink as a gesture of love, while children were hoisted up to the tanks giving fresh flowers and friendly embrace to the Marcos troops.

Evidently moved by the astonishing scene General Tadiar ordered a retreat.

February 24 and 25 - The confidence of the people soared because the tide turned in their favour.

About 85% of the members of the Armed Forces of the Philippines including Air Force joined the side of Minister Enrile and General Ramos. Millions of citizens from all walk of life took turns in maintaining the people’s barricades, and thousand more come from nearby provinces.

Foreign media people also flashed the news about Philippines to other parts of the world, and even foreigners became fascinated with the courageous out pouring of selfless sacrifices shown by the Filipino people.

February 25, 1986 – Marcos and his family, and some friends (including General Ver) left the Malacañang Palace and were taken by the United State Air Force to Guam then to Hawaii.

The dictatorial government has ended. The people had won, after a peaceful revolution of only four days. To celebrate the downfall of the Marcos dictatorship, the people it bonfires, danced and sang in the streets of the main cities of the country.

MARIA CORAZON SUMULONG COJUANGCO-AQUINO(February 25, 1986 – June 30, 1992)

Seventh President of the third Philippine Republic

First woman President of the country

She was born on January 25, 1933 Died on August 1, 2009 Through the people power she led, she restored democracy of the Philippines She led the people power that ousted the strongman Ferdinand E. Marcos She was the widow of the assassinated opposition leader Benigno Aquino She was nominated to the Nobel Prize for peace In 1986, she was featured by the Time Magazine as “Woman of the Year” One of her achievements was the framing of the new constitution wherein one of the

new contents was the limitation of the power of the president She established the bicameral system of lawmaking body. Her programs on social aspect highlight the interest on liberties and human rights;

there was a series of peace talks with the Muslim separatists and communist insurgents.

She encouraged prioritizing the Filipino products as her slogan goes “Let’s all think Filipino; Lets buy Filipino”.

The country experienced a series of coup attempts which was also the hindrance for the aborted Nobel Peace Prize award.

SCHOLASTIC ACHEIVEMENTS

Doctor of International Relations, honoris causa, from:

Boston University in Boston Eastern University in St. David, Pennsylvania Fordham University in New York Waseda University in Tokyo

Doctor of Civil Law, honoris causa, from:

Far Eastern University (59th Commencement Exercises, March 1987)

Doctor of Laws, honoris causa, from:

University of the Philippines University of Santo Tomas in Manila

Doctor of Humane Letters, honoris causa, from:

Ateneo de Manila University College of Mount Saint Vincent in New York Xavier University – Ateneo de Cagayan (Cagayan de Oro City,

Philippines)

Doctor of Humanities, honoris causa, from:

San Beda College in Manila, 2000 Seattle University, 2002

Stonehill College in Massachusetts University of Oregon, 1995

Doctor of Public Administration, honoris causa, from:

Pamantasan ng Lungsod ng Maynila (University of the City of Manila), June 1994

TRANSITORY GOVERNMENT AND PROVISIONAL CONSTITUTION

After her oath of office at the Club Filipino, President Aquino immediately established a revolutionary government to control the situation. She formed a small cabinet composed of 14 minutes ordered the release of all political prisoners and restored the wilt of habeas corpus in Region IX and XII in Mindanao, she opened the doors of Malacañang Palace to the people and preferred to work in the small Guest House of the Palace.

February 1987 – A constitutional commission was formed to draft a new and permanent constitution.

The constitution sets limitations on the power of the president especially on the power to declare martial law, proposed the creation of two autonomous regions, in the Cordilleras and Muslim Mindanao, and restored the bicameral congress.

In the downfall of Marcos government after twenty-five years, the Aquino government was only transitory. Some considered it a “revolutionary” government because it was born during the people’s revolution. In substance, it was a democratic form of government, for it was based on the will of the people.

SALIENT FEATURES OF 1987 CONSTITUTION

Democratic and Republican StateThe nature of the Philippines as state, according to the

Constitution is a “democratic and republican state.” Following the same provision, it states that “sovereignty resides in the people and all government authority emanates from them.” The provision is a clear provision that sovereign power belongs to the people, not to the military or to government officials.

Separation of PowersConsistent with the doctrine of separation of powers, the powers

of the government are exercised mainly by the three branches- the executive, the legislative and judiciary. The 1987 Constitution prohibits encroachment of one branch over the other.

Judicial and Bar Council A body created to recommend appointees to the judicial branch.

The council is designed to remove politics from the appointment of justices and judges. The council was composed of Supreme Court Chief Justice, Secretary of Justice, a Representative of Congress, a representative from the Integrated Bar of the Philippines, a professor of Law, a retired member of the Supreme Court, a representative for private sector and the Clerk of Court of the Supreme Court.

Veto Power and Overriding the Veto PowerThe presidential power to disapprove or reject a proposed law is

called veto power. However, congress may override the veto power of the president if there is approval of 2/3rds of the members of the congress. This is to ensure that congress will not pass hasty legislation, while the power to override is to prevent the abuse of power by the president.

Autonomy of the Local GovernmentThe constitution grants autonomy from the local government

units. Local government units under the constitution may exercise the three fundamental powers of the government, these are: power of taxation, power of eminent domain and police power

Declaration of Martial Law and Suspension of the Privilege of the Writ

of Habeas Corpus

The president may only declare martial law and suspend the privilege of the writ of habeas corpus in cases of invasion and rebellion, when public safety requires it. Such declaration and suspension will not exceed 60 days unless approved by Congress. The declaration and suspension is also subject to review and revocation of both Congress and the Supreme Court.

Staggered Number of SenatorsOf the twenty-four senators elected in 1992, the first twelve

obtaining the highest number of votes shall serve for six years and the remaining twelve for three years. This is intended to ensure the continuity of legislative process

Creation of Metropolitan Authority

Metropolitan Authority (now MMDA) is composed of heads of all local governments in the Metropolitan Manila area. The MMDA’s tasks are the following:

(1) Development and planning

(2) Transport and traffic management

(3) Solid waste disposal

(4) Flood control

(5) Urban renewal and zoning

(6) Health and sanitation

(7) Public safety

DEVELOPMENTS UNDER PRESIDENT CORAZON AQUINO ADMINISTRATION

A.Political Development Under Aquino Administration

Coup d’état and Insurgency

Progress is inevitable when corruption is eliminated, peace and order and basic liberties are restored but the administration of Aquino was considered weak, as it faced coup attempt that hindered economic development of the country. But the administration was able to survive at least 10 coup d’état attempt.

Privatization

President Aquino privatized many government owned and controlled corporations, such as water and electricity. This practice was viewed by many as Aquino catering to oligarchic as well as promoting the interest of the United States, losing the government’s power of regulation.

Naval BasesPresident Aquino lobbyed for the extension of 10 years of United

States military bases in the Philippines but the Senate rejected it. The United States turned over the Clark Air Base and the Subic Bay Naval Base in December 1992, ending almost a century of U.S. military presence in the Philippines.

The two countries, nonetheless, remain allies by virtue of Mutual Defense Treaty (MDT) in 1951. The alliance was further strengthened by the 1998 Philippines United States Visiting Forces Agreement (VFA), which allowed for the resumption of large-scale joint exercises and other defense cooperation activities like Balikatan Exercises.

Ill- GOTTEN WEALTHThe injustice, abuses and corrupt activities of the ousted

President Marcos paved way for the series of initiatives under the Aquino administration to give justice to the victims.

Presidential Commission on Government (PCGG)-This was created by President Aquino to recover properties

illegally occupied by Marcos and his cronies.

Marcos and other were assessed with tax liabilities and charged with graft and corruption. Properties in the United States, traced as part of the Marcos ill-gotten wealth, were recovered and sold.

Bank deposit worth millions in Switzerland was put under the control of the Swiss courts.

HUMAN RIGHTS VIOLATIONS

President Marcos was charged for violating the U.S. Alien Tort Statute for human rights of sone 10,000 Filipinos and ordered to pay a total of two billion dollars as compensation to the victims.

Presidential Committe on Human Rights(PCHR)

-Created by President Aquino

- It began receiving complaints on human rights abuses

1987- The Task Force Detains of the Philippines filed around 700 cases on various human rights abuses.

Commission on Human Rights

-received 12,000 complaints in its first 6 years.

-Only half of the investigated complaints reached the prosecutor’s office and the courts

B.ECONOMIC CONDITION UNDER AQUINO ADMINISTRATION

Foreign Debt

Country’s US $28 billion external debt – The most serious problem in the Philippines at the time Aquino

assumed the office as President.

Economists within the economic planning agency, the National Economic and Development Authority (NEDA) - Argued that economic recovery would be difficult, if not impossible, to achieve in a short period of time if the country did not reduce the size of the source outflows associated with its external debt.

AGRARIAN REFORM

June 10, 1988 - President Corazon Aquino signed into law Republic Act No. 6657

(Comprehensive Agrarian Reform Law of 1988)The program gives the farmers and farm workers the opportunity

to improve the quality of their lives. The land reform of Pres. Aquino was more comprehensive in the sense that it covers all public and private farmlands, including other lands of the public domain suitable to the agriculture as compared to Pres. Marcos’ land reform program which covers rice and corn farmlands only.

Note:Qualified beneficiaries are entitled to receive family size

farmlands, which will not exceed 3 hectares.Owners can retain 5 hectares.

ECONOMIC GROWTH

The economic growth was low to 1.9%. For the next 2 years, growth was more respectable to 5.7% and 6.7%.

1986-1987- consumption contributed to economic growth, investment began to increase.

1988-1989- investment in durable goods increase by almost 30% because of the support of international community

1989-1991- meetings of the aid plan called the Multilateral Aid Initiative. Also known as the Philippine Assistance Plan, a multinational initiated to provide assistance to the Philippines, pledges a total of US$ 6.7 billion.

Taxation

The Aquino administration formulated thirty new measures in its tax reform program. The investment incentives system was revised, luxury taxes were imposed.1988- a variety of sales taxes were replaced by a 10% value-added tax.

Problem: System of collecting taxes

C.SOCIO-CULTURAL DEVELOPMENT UNDER AQUINO’S ADMINISTRATION

Democracy has been restored, including democratic practices and possesses upon the ouster of a director.

Basic freedom was restored, no fear of unlawful arrest nor illegal detention, and worst summary execution.

The freedom of the press and expression were now enjoyed without hesitation or fear from punishment.

Violence and military abuses were eliminated, people begun to live their normal and peaceful lives.

D.EDUCATIONAL DEVELOPMENT DURING AQUINO’S ADMINISTRATION

1990-1991- Decade of Education for All (EFA) Aquino expanded the Nonformal Education in the Philippines.

Executive Order No. 117- enacted to create the Bureau of Nonformal Education

Article 14, section 2(4) of the 1987 Philippine constitution:

“The state shall encourage nonformal, formal, indigenous learning systems, as well as self-learning, independent and out-of- school study programs, particularly those that respond to community needs: and provide adult citizens, the disabled and out-of-school youth training in civics, vocational efficiency and other skills.”

Scandals

“Philippine Airlines Lines Stocks to nephew’s”

Cory Approved in January 1992 the sale of 67% of the stocks of the Philippine Airlines (PAL) to an investment group headed by her relatives, composed of one of her Tanjuatco nephews and three of her Cojuangco nephews. The sale resulted in a loss of USD 300-million plus for the Filipino people. The Philippine government, through the Government Service Insurance System (GSIS), owned the shares. And worse, her nephews did not even have the money to pay for the airline stocks. They borrowed the money that they used to pay GSIS from three Philippines government-owned banks, even using the PAL stocks as collateral.

“Refusal to give Hacienda Luisita to Farmers”

Cory publicity promised in 1986 that Hacienda Luisita will be distributed to the farmers. However, in 1987n she issued Presidential Proclamation 131 and Executive Order No. 229 just days before her legislative powers were going to revert back to congress, to include a provision in the Land Reform program for a “Stock Distribution Option”, which allows landowners to comply with the Land Reform Law without actually giving land to the formers. Hacienda Luisita of course look this new option, and thus was not redistributed to the farmers.

LEGACY

Corazon Aquino is fondly remembered and deeply revered by Filipinos as the "mother of Philippine democracy", the "housewife who led a revolution" and the "woman who restored democracy". 

Many also see her both as a hero and a saint. She has also been hailed as a modern-day Joan of Arc by international observers.

As president, for all the challenges and headaches her administration faced, Aquino will be remembered for bringing back democratic, republican and constitutional rule in the Philippines with the unveiling and ratification of the 1987 Constitution.

She promulgated the New Civil Code of the Philippines and the Family Code of the Philippines.

Her presidency would be remembered for its emphasis on decentralization of governmental powers by pressing for more involvement of local governments and pushing for autonomy as a means to ward off ethnic secessionism in the Cordillera and Muslim Mindanao regions.

Interesting Facts:

According to Cory, Ninoy, although not demonstrative, expresses his

love through gifts and love letters. In fact, for her 21st birthday, Cory

received from Ninoy a portrait of her done by no less than Fernando

Amorsolo. It was too expensive that the painting cost Ninoy two

months’ salary.

She was a grade school valedictorian by accident.

She spoke Japanese and French.

She did have some ‘political experience.’

Contrary to popular belief that Cory did not have any political

experience, she did somewhat had a brief foray into the world of

American politics. During her stay in the States, Cory joined the junior

Republicans and became a volunteer supporter for New York Governor

Thomas Dewey against the Democrat Harry Truman during the 1948

elections

She was initially unhappy about Ninoy’s political ambitions.

She used tranquilizers to stop herself from crying.

Her favourite color is not yellow but red.

Cory Aquino-was the 11th President of the Philippines and the first woman to hold that office in Philippine history-Second President of the Fourth Republic and the First President of the Fifth Republic-became the first woman president of the Philippines when she grabbed victory over her rival Ferdinand E. Marcos

I. Biographyborn on January 25, 1933 to Jose Cojuangco, Sr. and Demetria Sumulongborn in Manila and is the fourth of six childrenher family in Paniqui, Tarlac, Philippines was one of the wealthiest and most prominent land-owning families in the Philippines

II. Education studied Bachelor of Laws at the Far Eastern University, Philippines and her honorary degrees include:Doctor of Laws, honoris causa from the University of the Philippines and University of Santo Tomas (Manila)Doctor of Humanities, honoris causa from Stone Hill College (Massachusetts), University of Oregon, Seattle University, and San Beda College (Manila)

Doctor of Humane Letters, honoris causa from College of Mount Saint Vincent (New York), Ateneo de Manila University, and Xavier University (Cagayan de Oro City, Philippines)Doctor of International Relations, honoris causa from Waseda University (Tokyo), Fordham University, Eastern University, and Boston University

III. Married LifeShe married Benigno “Ninoy” Aquino, Jr. In 1954 and they had five children.Her husband Ninoy became mayor and governor in Tarlac, where he soon got elected as a senatorUnder the dictatorship of Marcos, Ninoy got arrested, was sentenced to death and went into exile in 1980 together with Cory Aquino

IV. AccomplishmentsAquino freed 441 political prisoners and forced 22 pro-Marcos generals to resignShe also restored the writ of habeas corpus, which is the right of a prisoner to appear before a judge, and she also eradicated the government’s prerogative to arrest and detain people at willIn March 1986, she declared a provisional Constitutional and then a commission was appointed to write the new Constitution, which was designed to safeguard the country against dictatorshipIn 1987, Aquino laid programs for land reform and expanded land reform to sugar lands, wherein she issued Presidential Proclamation 131 and Executive Order 229.She established Republic Act 6657 known as the Comprehensive Agrarian Reform Program (CARP), which also introduced the idea of profit sharing, wherein landlords were able to dispense small lots to tenants

V. Economic ProgramsWhen Aquino became president, she inherited a weak economy. The Philippines was bankrupt and debt-ridden after twenty years of the Marcos regimeShe also moved quickly to tackle the issue of the US$26 billion foreign debt incurred by her predecessorSince 1986, the Aquino administration has paid off $4 billion of the country’s outstanding debts to regain good international credit ratings and attract the attention of future marketsThe economy posted a positive growth of 3.4% during her first year in office.In her final year in office, inflation was raging at 17%, and unemployment was slightly over 10%, higher than the Marcos yearsOverall, the economy under Aquino had an average growth of 3.8% from 1986 to 1992.But in the aftermath of the 1980 coup attempt by the rightist Reform the Armed Forces Movement, the Philippine economy remained stagnant.

Nevertheless, the administration borrowed an additional $9 billion, increasing the national debt by $5 billion within six years time since the ouster of former President Ferdinand Marcos in 1986.It was crucial for the economy at that time to regain the investor’s confidence in the Philippine economy

Group 1( TTh 4:00 – 5:30 )

Michael C. Diputado

Alyssa Rose Colata

Mary Rose Sunga

Anthony Campomanes

Group 2( TTh 4:00 – 5:30 )

Andrew Benedict C. Pardillo

Mary Joy Rudas

Rusjem Lee Amparado

Angelika Sara