President Ferdinand Marcos had been in power in the Philippines since 1965. First he was elected, then, when democracy became too much of a bother, he used force, declaring martial law in 1972.
He followed the time-worn, standard dictator's path by establishing a cult of personality, murdering his opponents, and plundering the nation's coffers. There was opposition. But it was largely ineffective.
In 1983, however, Marcos's opponents were galvanised by the assassination of former senator Benigno Ninoy' Aquino. Aquino was returning from self-imposed exile and had barely stepped off the plane in Manila airport when he was shot in the head. This was despite the presence of over 1,000 heavily armed soldiers sent by the government to protect him.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Opposition grew more vocal among the population. It got to the point where the USA told Marcos, who was bravely fighting the good fight against the forces of Communism, to hold elections. And so he called a snap' election, to be held in 1986. His opponent was Corazon Aquino, widow of Benigno.
The election was held on 7 February, and the votes counted'. To nobody's surprise, Marcos won. That set off a four-day, bloodless coup. The Archbishop of Manila, Cardinal Sin, and Archbishop of Cebu, Cardinal Vidal, came out against him. Elements of the army and police defected. Rebels captured the TV stations. Two million citizens flocked to the Epifanio de los Santos Avenue to protest.
On the advice of the USA, Marcos gave up. On 25 February, Corazon Aquino was inaugurated as president. Marcos and his family fled to a US Air Force base, from where they were taken to exile in Hawaii, along with $10bn of plundered loot. He died in Honolulu in 1989.
His wife, Imelda, returned to the Philippines in 1991. She is now a member of the House of Representatives. His son, Ferdinand Bongbong' Marcos Jr, is a senator, and is likely to run for president in 2016. His daughter, Imee, is governor of the province of Ilocos Norte.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.

-
‘Sandwich generation’ carers losing £6,000 a year to support elderly relativesMiddle-aged adults are often caught between caring for children or grandchildren and their elderly parents, leaving them taking time out of the workforce and facing a huge hit to wages while they are still trying to save for retirement. We look at the true cost of caring.
-
Ground rents to be capped at £250 a year – what does it mean for you?The government has published draft legislation which would see ground rents capped at £250 per year for leaseholders. We examine what it means for homeowners and the housing market.
-
31 August 1957: the Federation of Malaya declares independence from the UKFeatures On this day in 1957, after ten years of preparation, the Federation of Malaya became an independent nation.
-
13 April 1960: the first satellite navigation system is launchedFeatures On this day in 1960, Nasa sent the Transit 1B satellite into orbit to provide positioning for the US Navy’s fleet of Polaris ballistic missile submarines.
-
9 April 1838: National Gallery opens in Trafalgar SquareFeatures On this day in 1838, William Wilkins’ new National Gallery building in Trafalgar Square opened to the public.
-
3 March 1962: British Antarctic Territory is created
Features On this day in 1962, Britain formed the British Antarctic Territory administered from the Falkland Islands.
-
10 March 2000: the dotcom bubble peaks
Features Tech mania fanned by the dawning of the internet age inflated the dotcom bubble to maximum extent, on this day in 2000.
-
9 March 1776: Adam Smith publishes 'The Wealth of Nations'
Features On this day in 1776, Adam Smith, the “father of modern economics”, published his hugely influential book The Wealth of Nations.
-
8 March 1817: the New York Stock Exchange is formedFeatures On this day in 1817, a group of brokers moved out of a New York coffee house to form what would become the biggest stock exchange in the world.
-
7 March 1969: Queen Elizabeth II officially opens the Victoria Line
Features On this day in 1969, Queen Elizabeth II took only her second trip on the tube to officially open the underground’s newest line – the Victoria Line.