ABSTRACT
More than two years after the August 1987 putsch that nearly toppled President Corazon Cojuangco Aquino, the Philippines appeared to have attained political stability and to be finally ready to join the club of rapidly industrializing countries of Southeast Asia. In 1988 the country posted a 6.7 per cent growth, demonstrating a healthy economy in place. During the early hours of 1 December, rebel elements from the Philippine Marines and the élite Army Scout Ranger Regiment took positions around the Philippine Army headquarters at Fort Bonifacio and secured nearby Villamor Air Base and the neighbouring international airport. The country, for instance, was confronted by a crisis of sorts in late 1989 stemming from the government’s failure to deliver basic services. Chronic power shortages and transport problems served to fuel public discontent. In addition to the millions lost in property damage, the country stands to lose billions in unrealized economic opportunities in the form of foreign investments.
