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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.

On September 18, 1986, just 7 months after she was swept to power by a popular revolt against dictator Ferdinand Marcos, president Corazon C. Aquino addressed the joint session of the United States Congress
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WATCH!
Cory Aquino’s speech in front of the US Congress part 1
Cory Aquino’s speech in front of the US Congress part 2
Cory Aquino’s speech in front of the US Congress part 3

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 abolished the 1973 "Marcos Constitution" and dissolved the Marcos allies-dominated Batasang Pambansa. She also immediately created a Constitutional Commission, which she directed for the drafting of a new constitution for the nation.
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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.