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When Corazon Aquino became president in 1986, she inherited an economy that was bankrupt after years of mismanagement under Marcos. As president, Aquino focused on revitalizing the economy. Some of her key policies included dismantling monopolies created by Marcos, passing a new constitution emphasizing civil liberties, implementing agrarian reform, and privatizing state-run businesses. However, the economy struggled under inflation and unemployment during her administration due to various crises, including coup attempts and natural disasters.
When Corazon Aquino became president in 1986, she inherited an economy that was bankrupt after years of mismanagement under Marcos. As president, Aquino focused on revitalizing the economy. Some of her key policies included dismantling monopolies created by Marcos, passing a new constitution emphasizing civil liberties, implementing agrarian reform, and privatizing state-run businesses. However, the economy struggled under inflation and unemployment during her administration due to various crises, including coup attempts and natural disasters.
When Corazon Aquino became president in 1986, she inherited an economy that was bankrupt after years of mismanagement under Marcos. As president, Aquino focused on revitalizing the economy. Some of her key policies included dismantling monopolies created by Marcos, passing a new constitution emphasizing civil liberties, implementing agrarian reform, and privatizing state-run businesses. However, the economy struggled under inflation and unemployment during her administration due to various crises, including coup attempts and natural disasters.
Aquino Administration (1986-1992) Singers like Regine Velasquez, Randy Santiago, Ogie
Alcasid, Gary Valenciano, Manilyn Reynes, Donna Cruz
and others are contributed to the President's S-SS20 PHILIPPINE DEVELOPMENT EXPERIENCE implementation of Filipino music over the airwaves. Stations like DZOO-FM, DWLS, etc., are adopted hourly When Corazon Aquino became president, she OPMs effectively after the implementation. inherited an economy that was bankrupt and debt- ridden as a result of many years of misrule and Tourism mismanagement under the Marcos regime. Aquino also encouraged the tourism sector to boost As president, Aquino focused her attention and energy the national economy. Under her six-year term, the to revitalize and rejuvenate the sagging economy. Department of Tourism launched a program called The Philippines: Fiesta Islands of Asia in 1989, offers tourist One of her boldest moves was to dismantle the various visits in the country to show their natural wonders, to monopolies that were perpetrated by Marcos during protect their indigenous peoples, to preserve heritage his stay in power. sites and to contribute historical importance. On February 2, 1987, the new Constitution of the Energy Philippines, which put strong emphasis on civil liberties, human rights and social justice, was overwhelmingly The country experienced daily power disruptions during approved by the Filipino people. a period of her administration. The ratification of the new Constitution was followed by Corazon Aquino's decision to mothball the Bataan the election of senators and congress that same year Nuclear Plant built during the Marcos administration and the holding of local elections in 1988. contributed to the power crisis in the 1990s, as the 620 megawatts capacity of the plant was enough to cover Agrarian reform the shortfall at that time. Infrastructures Upon her ascension into power, President Aquino envisioned agrarian and land reform as the There are no known infrastructures at the time of centerpiece of her administration's social legislative Corazon Aquino because all infrastructure done by agenda. Marcos at that time are being investigated by Cory’s administration for malpractices and corruption. In 1988, the new Congress of the Philippines passed Republic Act No. 6657, more popularly known as the So there are no new bridges or projects done by the Comprehensive Agrarian Reform Law." Cory administration. The law paved the way for the redistribution of Economy under Cory agricultural lands to tenant-farmers from landowners. The economy posted a positive growth of 3.4% during implementation of the comprehensive agrarian reform her first year in office. But in the aftermath of the 1989 program (CARP) coup attempt, the Philippine economy remained stagnant. In her final year in office, inflation was raging CARP, or the Comprehensive Agrarian Reform at 17%, and unemployment was slightly over 10%, Program, is the redistribution of public and private higher than the Marcos years. agricultural lands to farmers and farmworkers who are landless. -Republic Act No. Cory’s Administration 6657 The Aquino administration endured many troubles, Privatization including 6 coup d'état attempts, many natural disasters (e.g. earthquakes, the Mt. Pinatubo eruption), The transfer of ownership, property or business from the and a power shortage problem that caused economic government to the private sector is termed activities to stop. privatization. The government ceases to be the owner of the entity or business. During this period, the Aquino administration passed various critical laws such as the Comprehensive Privatization—the transfer of public offices or functions Agrarian Reform Law, and the privatization of to the private sector for cost-cutting and efficiency government corporations that brought the economy considerations. back to its feet. President Corazon Aquino has approved the sale of 113 Sources: state-run businesses, including Philippines Airlines, several banks and 19 subsidiaries of the national oil Read more: company. http://www.nationsencyclopedia.com/economies/Asia-and- the-Pacific/Philippines-OVERVIEW-OF- Media and culture ECONOMY.html#ixzz4wV6BERUP Since 1986, Aquino adopted Original Pilipino Music by http://factsanddetails.com/southeast- implementing Executive Order No. 255 issued on July asia/Philippines/sub5_6g/entry-3916.html 25, 1987 which broadcasts hourly OPM songs to all FM radio stations in Metro Manila and in the provinces regularly to shape up Filipino culture.