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It

was hard to be the president of the Philippines after the downfall of Marcos. First, the transition of power brought about by EDSA Revolution was abnormal. There were also a number of things to be corrected in the fields politics and economics, and in other aspects of our nation.

But

the Aquino administration will be remembered as a government that restored democratic institutions like free press and the independence of the judiciary.

While

the economy registered modest growth rates during the three years of President Corazon C. Aquinos term, a combination of natural calamities, seven military coup attempts and a strict stabilization program took its toll on the economy. In the last year of the Aquino administration, the economy had a negative growth rate.

Privatization

and the dismantling of monopolies would best describe President Aquinos administration. With the establishment of the Asset Privatization program mandated to sell government corporations, the Aquino Administration had substantially reduced the number of governmentowned and controlled corporations.

The

monopolies in sugar, coconut, and other commodities given to Marcos cronies were dismantled while the Presidential Commission on Good Government (PCGG) was charged to recover the ill-gotten wealth of the Marcoses and their cronies.

Under

the Aquino administration, major pieces of legislation affecting the economy were passed. These include the Foreign Investments Act of 1990, the Consumer Code, the Comprehensive Agrarian Reform Law, and the Local Government Code. Major economic reforms were also undertaken to liberalize trade, banking, and Foreign exchange.

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