The Filipinos who were not contended with Marcos way of running the country celebrated when they heard the news that the leader of the opposition Benigno Aquino Jr. will be returning to the Philippines from his exile in America.
They tied a yellow ribbon as a symbol for their celebration. Ninoy arrived coming from a China Airlines flight from Taipei on August 21, 19833. He was under the protection of the Aviation Security Command (AVESCOM) under the supervision of General Luther Custodio. On his descend from the tarmac of the Manila International Airport, he was allegedly gunned down by Rolando Galman,an alleged gunman hired by the National People’s Army (NPA).
The assassination of Ninoy Aquino shocked the whole country. The news spread like a fire to the whole world including America. America released a statement condoning the assassination as an act of heinous crime. President Marcos also released his own statement having the same sentiment as that of the United States.
In the wake of Aquino’s burial on Wednesday, August 31, 1983, an estimated two million Filipinos attended his funeral service. The number of Filipinos who attended the funeral was the most number of Filipinos who attended a funeral service in the history of the country.
After Aquino was buried, countless of demonstration followed condoning the assassination as well as the continuous corruption in the government. They use the yellow ribbon and wear yellow clothes to symbolized the resignation of Marcos from the presidential seat. For the first time in the history of the country, Filipinos from all walks of life, of different religion, young and old, rich and poor, had untied to show their resistance to the Marcos Administration. The widow for Ninoy, Mrs. Corazon Aquino led a march in the streets of Makati City with matching yellow confetti coming from the buildings.
The killing of Ninoy had greatly affected the economy of the country. It created a fear from foreign investors and withdraw their investment in the country including their money in the stockmarket. International financial institutions refuses to lend a loan to the Philippines because it failed to pay its existing debt amounting to $25 billion. Aside from these, foreign tourist avoided the Philippines because of their fear on the security of the country. At least 18 countries was set to have a conference in the Philippines withdrawn and was cancelled. Because of the critical situation, even America’s President Ronald Reagan cancelled his scheduled visit in the Philippines on November 1983.
The effect of the economic crisis are as follows:
- The decrease of the value of the Philippine Peso
- Increase in the prices of basic goods and fuel
- The closing of major banks in the country because of the lack of budget
- The closing of various factories which affects the high unemployment rate
The investigation of the Aquino assassination started days after the killing. President Marcos generated a commission who will investigated the crime. The Agrava Fact-Finding Commission submitted two reports to Marcos in the course of two years of investigation. The minor report made by the its leader – Agrava – was submitted on October 23, 1984. The report revealed that Ninoy Aquino was killed by the AVESCOM security and not by Rolando Galman. The military was included in the conspiracy including General Luther Custodio (commander of the AVESCOM) along with six others. But, General Fabian Ver and Olivas was not included as conspirators. The result of the Agrava-Fact Finding Committee was approved by the Filipinos.
The Snap Election was announced by Marcos in 1986, and the rest is history.
Author’s note: Another compiling story and history of my motherland and its citizens.