Cory And EDSA1: Protecting The Oligarchy

Cory Being Sworn In
Cory being sworn in in 1986

One of the biggest lies perpetrated upon the people of the Philippines, was the myth that the Administration of Cory Aquino was supposed to have been the “cleanest” among the Administrations in the last three decades. Thanks to the Nostalgic Yellow Media, and the fact that her Administration was prior to the internet, much of the horrifying truth of her Administration has been largely forgotten, and people tend to remember only the “good” things about that Administration.

Well, thanks to Abnoy Aquino’s “holier-than-thou” campaign strategy, much of the “unpleasantness” during Cory’s time are being brought back to the surface slowly, but surely. Here is a sampling of what:

Philippine Air Lines Stock Going to Nephews

Cory approved in January 1992 the sale of 67% of the stock of Philippine Air Lines (PAL) to an investment group headed by her relatives, composed of one of her Tanjuatco nephews and three of her Cojuangco nephews. The sale resulted in a loss of over $300 million for the Filipino people. The Philippine government, through the Government Service Insurance System (GSIS), owned the shares. In fact, her nephews did not even have the money to pay for the stock to begin with. They borrowed the money that they used to pay the GSIS from three Philippine government-owned banks, even using the PAL stock as collateral.

Philippine Air Lines Building Scandal

“The PAL Scandal,” where Cory authorized in 1992 the sale of the PAL Building in San Francisco, California. It resulted (according to the column of the late journalist Louie Beltran), in a $6 million loss to the national airline. Cory did not charge Mr. Beltran with libel on this issue about the PAL Building. She, did however, file a libel case against Mr. Beltran and his publisher, Maximo V. Soliven on a separate issue, when Beltran wrote that Mrs. Aquino “hid under her bed during a coup d’etat attempt at the presidential palace in Manila.”

Bargain Sale of Companies to Lopa

The assets of the Marcos, Romualdez’ and their cronies were supposed to have been sequestered by the new Aquino administration, but Kokoy Romualdez’s (President Marcos’ brother in law) 38 companies, which were worth billions of pesos, were not turned over to the Presidential Commission on Good Government. Cory instead during her first months in office, permitted the transfer of these 38 companies to her own brother-in-law, Ricardo “Baby” Lopa. To make matters worse, all 38 companies were bought by Lopa at the bargain price of only $227,000.

Philippine Long Distance Company Given to Nephews

The same case happened with the ownership of the Philippine Long Distance Company. Instead of sequestering the company for the Philippine government (as it was then controlled by the Marcos cronies), she returned the billion-dollar company to her Cojuangco nephews. She claimed that her nephews were illegally eased out by Mr. Marcos. The truth was that the Marcos cronies, whether their money were ill-gotten or not, had paid the Cojuangcos the prevailing market-stock price during the sale of equity that happened between them at the time when Marcos was still president.

Re-negotiation of Marcos’ Japanese Loans

Cory approved the renegotiation of the loans that Ferdinand Marcos obtained from Japan. The administration of Mrs. Aquino agreed that the loans would be paid in Japanese yen, rather than in U.S. currency that former Marcos negotiated. This simple change in currency resulted in a $5-billion increase to the original loan principal.

Refusal to Give Hacienda Luisita to Farmers

Cory publicly promised in 1986 that Hacienda Luisita would be distributed to the farmers. However, in 1987, she issued Presidential Proclamation 131 and Executive Order No. 229 just days before her legislative powers were going to revert back to Congress, to include a provision in the Land Reform program for a “Stock Distribution Option”, which allows landowners to comply with the Land Reform Law without actually giving land to the farmers. Hacienda Luisita of course took this new option, and thus was not redistributed to the farmers.

Double Cross of Doy Laurel

Cory had promised to Doy Laurel that she would let him run the government as Prime Minister after Marcos was ousted, as Cory had no experience in politics. However, in March 1986 she issued Presidential Proclamation No. 3 declaring a revolutionary government, and dissolving the 1973 Constitution. This nullified Laurel’s position as Prime Minister and the Parliament was abolished. This prompted Laurel to break ties with the Aquino regime later.

Protecting Hacienda Luisita’s Interests

Cory continued to protect Hacienda Luisita, even firing Miriam Defensor Santiago from her post at the Department of Agrarian Reform after she told the press her opinion that Cory should inhibit herself as chair of the Presidential Agrarian Reform Council (PARC), which was tasked to make the final decision on Hacienda Luisita’s application for the “Stock Distribution Option” (see section on ‘Refusal to Give Hacienda Luisita to Farmers’ above).

Garchitorena Land Scam

In 1988, a foreclosed property of the United Coconut Planters Bank (UCPB) was sold to Sharp International Marketing for P3.8 million. Before the sale was closed, Sharp tried to sell the same property to the government for P56 million. The sale was eventually approved by the Department of Agrarian Reform (DAR), but only after the price was inflated further to P65 million. The financier of the scam was Romeo Santos, an associate of Cory’s brother, Peping Cojuangco. Who just happened to be Cory’s campaign manager in Bicol.

So there you have it folks. After nearly 30 years of Aquino/Cojuangco, Liberal Party, Yellow Fever bullshit, her legacy has been what I have always been telling you for years. EDSA1 was NEVER about ousting a Dictator and restoring Democracy. It was about 1 family doing whatever it took to protect their wealth. Nothing more. As you just read above, she simply transferred things from the Marcos “cronies” to her cronies and other Oligarchy allies. And today, the Aquino’s have become one of the wealthiest families in the Philippines. And they did it, and continue to do it, with your help.

If you want to make a solid comparison of things, read the Marcos Accomplishments. You will have a better idea of who really cared about the people. And why everyone since 1986 DOES NOT give two shits about the Filipino people.

Albert Anastasia

I'm just another ExPat enjoying life here in Asia. I am also having the time of my life exposing the ugly truth about the present Governmental administration of the Philippines. Especially that of current President "BS" Aquino. And the rest of his Liberal Party assholes.

You May Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *

four × 2 =