SCANDALS DURING THE CORY ADMINISTRATION REVEALED
One of the greatest urban legends of late times in the Philippines, is the story that the Cory Administration was as far as anyone knows the "cleanest" among the Administrations in the most recent three decades. On account of Nostalgia, and the way that her Administration was at the beginning of the web age, a great part of the negativities of that Administration has been to a great extent overlooked, and individuals have a tendency to recollect just the "great" things about that Administration.
Cory affirmed in January 1992 the offer of 67% of the loads of the Philippine Air Lines (PAL) to a venture bunch headed by her relatives, made out of one of her Tanjuatco nephews and three of her Cojuangco nephews. The deal brought about lost USD 300-million or more for the Filipino individuals. The Philippine government, through the Government Service Insurance System (GSIS), claimed the shares. What's more, more regrettable, her nephews did not have the cash to pay for the aircraft stocks. They obtained the cash that they used to pay the GSIS from three Philippine government-possessed banks, notwithstanding utilizing the PAL stocks as guarantee.
"The PAL Scandal", where Cory approved in 1992 the offer of the PAL Building in San Francisco, California. It came about, as indicated by the segment of the late writer Louie Beltran, into a USD 6-million misfortune to the national aircraft. Cory did not charge Mr. Beltran with defamation on this issue about the PAL Building. She, nonetheless, filed a slander body of evidence against Mr. Beltran and his distributer, Maximo V. Soliven on a different issue, when Beltran composed that Mrs. Aquino "stowed away under her bed amid an overthrow endeavor at the presidential royal residence in Manila"
The advantages of the Marcoses, the Romualdezes and their buddies should have been sequestered by the new Aquino organization, yet Kokoy Romualdez's (Ferdinand Marcos Sr's. brother by marriage) 38 organizations, which were worth billions of pesos, were not swung over to the Presidential Commission on Good Government. Cory rather amid her first months in office, allowed the exchange of these 38 organizations to her own particular brother by marriage, Ricardo "Child" Lopa. What's most noticeably awful, was the way that each of the 38 organizations were purchased back by Lopa amid the exchange at the cost of just USD 227,000.
A similar case happened with the responsibility for Philippine Long Distance Company. Rather than sequestering the organization for the Philippine government (as it was then controlled by the Marcos comrades), she gave back the billion-dollar organization to her Cojuangco nephews. She asserted that her nephews were illicitly backed off by Mr. Marcos. The reality of the situation was that the Marcos colleagues, whether their cash were sick gotten or not, paid the Cojuangcos the overarching market-stock costs amid the offer of value that happened between them when Marcos was still president.
Cory openly guaranteed in 1986 that Hacienda Luisita will be appropriated to the ranchers. Be that as it may, in 1987, she issued Presidential Proclamation 131 and Executive Order No. 229 days before her administrative forces were going to return to Congress, to incorporate an arrangement in the Land Reform program for a "StockDistribution Option", which permits landowners to consent to the Land Reform Law without really offering area to the ranchers. Hacienda Luisita obviously took this new choice, and along these lines was not redistributed to the ranchers.
Cory had guaranteed to Doy Laurel that she would give him a chance to run the legislature as Prime Minister after Marcos was expelled, as Cory had no involvement in governmental issues. Notwithstanding, in March 1986 she issued Presidential Proclamation No. 3 announcing a progressive government, and dissolving the 1973 Constitution. This invalidated Laurel's position as Prime Minister as the Parliament was annulled. This incited Laurel to break ties with the Aquino administration later.
In 1988, a dispossessed property of the United Coconut Planters Bank (UCPB) was sold to Sharp International Marketing for P3.8 million. Prior to the deal was shut, Sharp attempted to offer a similar property to the administration for P56 million. The deal was in the long run affirmed by the Department of Agrarian Reform (DAR), however simply after the cost was expanded further to P65 million. The lender of the trick was Romeo Santos, a partner of Cory's sibling, Peping Cojuangco. He was additionally Cory's battle chief in Bicol. [source]