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Chapter 24: Post-Edsa to the Present (1986-2010)
Transcript of Chapter 24: Post-Edsa to the Present (1986-2010)
The Post-EDSA macroeconomic history of the Philippines covers the period from 1986 to the present time, and takes off from the acclaimed People Power Revolution in the EDSA Revolution of 1986 (named after Epifanio de los Santos Avenue in Manila) that brought democracy and development potentials back to the country that was once in the perils of the Martial Law Era From days, months, and even years of economic and financial collapse towards the end of that Martial Law Era came revolution, reform, and sustenance spearheaded by the Aquino, Ramos, Estrada, and Arroyo administrations that saw the Philippines get back on track and even through some of the wildest financial and political crises, such as the succeeding EDSA Revolutions, the Asian Financial Crisis, and the most recent “bubble bursts,” among others Revolutions, liberal ideas, and reforms aided the country towards robust growth, and crucial policies were conceptualized, developed, and enacted by the presidents and the advisers who supported them. The Aquino Presidency President Aquino, though vested with unlimited power, had no desire on becoming a president. After weeks of tension following the disputed outcome of the snap election, disgruntled and reformist military officers, led by then Defense Minister Juan Ponce Enrile and General Fidel V. Ramos, surprised the entire nation and the whole world when they announced their defection from President Marcos and their strong belief that Aquino was the real winner in the presidential election on February 22, 1986. Upon the urging and encouragement of the activist Cardinal Archbishop of Manila Jaime Sin, millions of Filipinos trooped to Camp Aguinaldo along Epifanio De los Santos Avenue (EDSA), where Enrile and Ramos have been holding operations, to give their moral support and prayers for the reformist soldiers. The first half of Aquino government was precarious. There were several coup attempts by the RAM and high-ranking military officers loyal to Pres. Marcos. But these attempts failed to get popular support. The rest of Cory Aquino's term was focused on turning the economy around and improving the peace and order situation. The Ramos Presidency The Philippines then was experiencing widespread blackouts due to huge demand for electricity and antiquity of power plants, the abolishment of the Department of Energy and discontinuation of the Bataan Nuclear Power Plant during the Aquino administration. During his State of the Nation address on July 27, 1992, he requested that the Congress enact a law that would create an Energy Department that would plan and manage the Philippines' energy demands. Congress not only created an Energy Department but gave him special emergency powers to resolve the power crisis. Using the powers given to him, Ramos issued licenses to independent power producers (IPP) to construct power plants within 24 months. Ramos issued supply contracts that guaranteed the government would buy whatever power the IPPs produced under the contract in U.S. dollars to entice investments in power plants. This became a problem during the East Asian Financial Crisis when the demand for electricity contracted and the Philippine peso lost half of its value. The country was considered risky by investors due to previous coup attempts by military adventurists led by Gregorio Honasan, and experienced blackouts at an almost daily basis lasting 4–12 hours during the term of President Aquino. The low supply of power and perceived instability had previously held back investments and modernization in the country. Under Ramos, the Philippines was a pioneer in the Build-Operate-Transfer (BOT) scheme where private investors are invited to build certain government projects (i.e. tollways, powerplants, railways, etc.), make money by charging users, and transfer operation to the government after a set amount of time. The Estrada Administration and People Power II Estrada was inaugurated on June 30, 1998 in the historical town of Malolos in Bulacan province in paying tribute to the cradle of the First Philippine Republic. That afternoon the new president delivered his inaugural address at the Quirino Grandstand in Luneta. He assumed office amid the Asian Financial Crisis and with agricultural problems due to poor weather conditions, thereby slowing the economic growth to −0.6% in 1998 from a 5.2% in 1997. The economy recovered by 3.4% in 1999 and 4% in 2000. In 2000 he declared an "all-out-war" against the Moro Islamic Liberation Front and captured it's headquarters and other camps.However, allegations of corruption spawned a railroaded impeachment trial in the Senate courtesy of house speaker Manuel Villar, and in 2001 Estrada was ousted from a coup after the trial was aborted. In his Inaugural Address, Estrada said:
“ One hundred years after Kawit, fifty years after independence, twelve years after EDSA, and seven years after the rejection of foreign bases, it is now the turn of the masses to experience liberation. We stand in the shadow of those who fought to make us free--free from foreign domination, free from domestic tyranny, free from superpower dictation, free from economic backwardness. The Macapagal-Arroyo Government Gloria Macapagal Arroto was the 14th president of the Philippines.
She stayed in the position as the President for almost 10 years or a decade. Prepared by :
Novy Ann Etac
Honey Grace Ijalas
Jeiel Keilah Tabamo Corazon Aquino Fidel V. Ramos Joseph Estrada Gloria Arroyo The President From Post-Edsa to the Present