Cory Aquino - The Filipinos' Best Investment

In the past week, much have been written about President Cory Aquino to fill many gigabytes in the computer world or a medium sized building, so that if they haven’t done so yet, we should really start a memorabilia for the Cory Aquino Library. Aside from honoring her for restoring our democracy, this would be one of the venues of informing and educating our children and grandchildren, who have no idea of the Cory years, and contribute to the perpetuation of our democratic traditions and institutions which may be needed in the coming years. Truly, Cory Aquino had the courage, the moral conviction, the prayers and the sacrifices, to be a hero. Supporting her and standing with her in the fight for democracy, was the best investment we made, as Filipinos.

 The impact and the consequence of the People Power revolution on the Philippine economy and society were comparable to the end of WW II. With the success of the bloodless revolution, we became the toast of the world community socially and economically, promptly bringing foreign aid, trade and investment. From a shrinking economy in 1984 and 1985, when our GDP decreased by 10 percent each year, the economy posted a 1.9 percent in 1986, with just a few months of Cory as President. The GDP posted a 5.9 percent growth in 1987 and 6.7 percent growth in 1988. The Philippine stock market which was trading less than one million pesos a day, surge to a trading volume of 100 million pesos a day right weeks after the revolution and fall of Marcos. Six months after Cory assumed the Presidency, PLDT, San Miguel, Ayala, and Philex shares prices had increased by 100 percent up to 350 percent. The economy could even have performed better then, if not for the misguided adventurism of some military people who wanted to grab power for themselves, and scared off local and foreign investments. The effects of their actuations we are still feeling up to today. The dismantling of the state monopolies and the crony capitalist moved the country to the right path of the market economy, which inspired and were implemented in other countries, particularly in Russia and China. There were policy errors and lapses in the Cory presidency which were detrimental to the economy, but these were forgivable honest mistakes of an inexperienced housewife thrust into the Presidency.

The death and burial of President Aquino last week, reinforce her influence and legacy not only after her term as President, but even after her death. While her advocacies and position on some issues as a private citizen were not always well received, she made it well known and she stood her ground, and in time she was proven right. She had already deposed Marcos and dismantled the dictatorship, when she was again instrumental in removing a profligate, amoral and incompetent Estrada presidency. Then, while still alive, and now in death, she is still able to disturb the current administration enough to prevent a perpetuation of power. She would be the only politician or government official to remove three Presidents in life and in death.

The outpouring of sympathy and condolence by the hundreds of thousands who braved the rain, and the long walk to bring Cory to Church and to the cemetery in Metro-Manila, and the millions more in the provinces and other parts of the world, and in cyberspace, was more than just a “pakikiramay.” It was also a protest against the current political situation and the current crop of politicians. They resent that their lives have not really changed for the better and long for politicians who can think beyond personal well being and really do what is good for the country and the people. The events around Cory’s death could be a critical turning point for the country economically and politically. It could be the start of the realization of Cory’s dream of electing government officials who deserve to be elected.

 Of the four Presidents of the Philippines since Marcos, President Cory was the only one I had not personally met. But in the dark days after the assassination of her husband Ninoy Aquino and in the snap election, I risked life and limb for her. I joined the Ayala Avenue rallies and volunteered as poll watcher, getting me into the minor military watchlist at that time. I was doing it, not just for her but also for my children, so it was also easy for me to turn down an OIC position of a government unit after the revolution, as I was content to have a quiet life with my family, an option that Cory Aquino could not take as she was destined to save the country.