The Presidency of Corazon C. Aquino spanned for six years from February 25, 1986 to June 30, 1992. The triumph of the peaceful People Power Revolution and the ascension of Corazon Aquino into power signaled the end of authoritarian rule in the Philippines and the dawning of a new era for Filipinos. The relatively peaceful manner by which aquino came into power drew international acclaim and admiration not only for her but for the Filipino people, as well.
During the first months of Aquino's presidency, the country experienced radical changes and sweeping democratic reforms. One of Aquino's first and boldest moves was the creation of the Presidential Commission on Good Government (PCGG), which was tasked to go after the Marcos ill-gotten wealth. Aquino, being a revolutionary president by virtue of people power, abolished the 1973 "Marcos Constitution" and dissolved the Marcos allies-dominated Batasang Pambansa, despite the advice of her vice-president and only prime minister Salvador Laurel.She also immediately created a Constitutional Commission, which she directed for the drafting of a new constitution for the nation. On the over-all, the Aquino administration made important gains in the aspects of bringing back democracy, restoring investor confidence in the economy and enacting legal and constitutional reforms.
Despite these achievements, her presidency faced several threats from both right-wing military elements and extreme left-wing communist rebels.Further, her administration dealt with numerous problems such as major natural disasters which struck the country and severe power shortages which took a toll on doing business in the Philippines. It was also during her tenure that the United States finally ended its military bases and presence in the country. Revolutionary Government Immediately after assuming the presidency, President Aquino issued Proclamation No.
3, which established a revolutionary government.She abolished the 1973 Constitution that was in force during martial law, and instead promulgated the provisional 1986 Freedom Constitution, pending the ratification of a new Constitution by the people. This allowed Aquino to exercise both executive and legislative powers until the ratification of the new Philippine Constitution and the establishment of a new Congress in 1987.
