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Sometime towards 1980, the President of World Bank reported that the Philippines could not anymore pay its debt.  This prompted the US to heed the calls to replace its favorite ally, Marcos.  So the arrangements were made.  Would one really believe Marcos was moved out and Cory was placed in Malacanang without the nod of the US?  Who plucked Marcos out of Malacanang that fateful day of  February 1986? (Give the correct answer here.)  When finally Cory was made President, she could have done the most important thing she could do to be a HERO to us.  It was only her who had the opportunity not to acknowledge the huge debt which Marcos accumulated during the Martial Law years.  We could have started with a new balance in our financial sheets and pushed our economy without the burden of the debt curse.  But how could she say no to the powers that put her in trust of Malacanang?  Cory bowed down to the pressure of the Brent Woods Institutions (the World Bank and the IMF).  She acknowledged the Marcos Loans and vowed to pay them.  Furthermore, she also agreed to at least two of their demands under the Structural Adjustment Program, so we had the devolution/decentralization of our government and the CARP.  So that the readers would know... CARP and the devolution were among the demands of World Bank under the Aquino administration in order for the Philippines to be granted a Loan... So, with weak government institutions, we were decentralized and our land capital divided.  Twenty years after the new constitution, look at how the Philippines economy fared in Asia.  Democracy?  Even if it was not Cory, the US could still put in someone to replace Marcos.  It was not because of Democracy, but because we should pay our debt to the rich Americans thru the World Bank/IMF.  Should Cory be a hero?  No, she is not a hero.

More about the effects of the Land Reform to National Productivity next time... if someone wants to exchange views...