Fifty seven million Filipinos — or slightly more than half of the country’s population — were born after the historic events at EDSA in 1986. It is understandable that many of them are unable to fully grasp the full significance of today’s commemoration of the 36th anniversary of the triumph of People Power that restored democracy to our land after more than a decade of martial law and dictatorship.
It was on Feb. 25, 1986 that President Corazon C. Aquino was sworn into office. This occurred after a tumultuous snap election and the “defection” of then Defense Secretary Juan Ponce Enrile and AFP Vice Chief of Staff Fidel Ramos supported by rebel AFP officers triggered a series of mass demonstrations by thousands of people on EDSA. A new Constitution was affirmed by the people in a plebiscite and came into force on Feb. 11, 1987. This is the Constitution that has enabled a peaceful transition and installation of four Presidents: Fidel V. Ramos, Joseph Ejercito Estrada, Benigno S. Aquino III, and Rodrigo R. Duterte. President Gloria Macapagal Arroyo became President in the aftermath of a disrupted impeachment trial followed by another EDSA upheaval in January 2001. The Supreme Court affirmed her accession to power as being in accord with the Constitution. She served a full, six-year term after the 2004 elections. Hence, political stability is one of the important aspects of the EDSA legacy. Economic recovery was also paved by the triumph of People Power at EDSA. Recall that the Philippines plunged into serious economic doldrums following the assassination of former Senator Benigno S. Aquino, Jr. on Aug. 21, 1983. According to The Heritage Foundation: “The country faced its worst liquidity crisis since 1945 due to an estimated $1 billion capital flight from late August to December (1983).” As an offshoot, the country had to request for debt repayment restructuring that placed it under tight monitoring by the International Monetary Fund. Capital flight also translated into scarcity of dollars for the country’s import-dependent economy. An informal “Binondo Central Bank” was set up to ensure the adequacy of dollars for the essential needs of businesses and industries. Successive administrations’ efforts to stabilize the economy enabled the attainment of modest economic growth and eventual exit from the IMF’s monetary stabilization program. Economic liberalization has engendered the emergence of privatized water utilities; expanded telecommunications services and facilitated digital transformation; and raised the level of foreign investments to record levels. The Philippines has emerged as a hub for business process outsourcing and management. From being regarded as the “sick man of Asia,” the Philippines has joined the elite ranks of countries with investment-grade credit ratings. This year’s EDSA anniversary celebration is being held amid a spirited political campaign for national and local elections in May. Hopes are high that the hard-earned gains brought about by the triumph of People Power in EDSA — in terms of strengthening democracy and fostering sustained economic growth — will be achieved by those elected by the sovereign people.