section_path: History/Independence (1946–present)
section_name: Independence (1946–present)
paragraph_text: Independence (1946–present)
  
  Efforts at post-war reconstruction and ending the Hukbalahap Rebellion succeeded during Ramon Magsaysay 's presidency, but sporadic communist insurgency continued to flare up long afterward. Under Magsaysay's successor, Carlos P. Garcia, the government initiated a Filipino First policy which promoted Filipino-owned businesses. Succeeding Garcia, Diosdado Macapagal moved Independence Day from July 4 to June 12—the date of Emilio Aguinaldo's declaration— and pursued a claim on eastern North Borneo.
  
  In 1965, Macapagal lost the presidential election to Ferdinand Marcos. Early in his presidency, Marcos began infrastructure projects funded mostly by foreign loans; this improved the economy, and contributed to his reelection in 1969. Near the end of his last constitutionally-permitted term, Marcos declared martial law on September 21, 1972 using the specter of communism and began to rule by decree; the period was characterized by political repression, censorship, and human rights violations. Monopolies controlled by Marcos' cronies were established in key industries, including logging and broadcasting; a sugar monopoly led to a famine on the island of Negros. With his wife, Imelda, Marcos was accused of corruption and embezzling billions of dollars of public funds. Marcos' heavy borrowing early in his presidency resulted in economic crashes, exacerbated by an early 1980s recession where the economy contracted by 7.3 percent annually in 1984 and 1985.
  
  On August 21, 1983, opposition leader Benigno Aquino Jr. (Marcos' chief rival) was assassinated on the tarmac at Manila International Airport. Marcos called a snap presidential election in 1986 which proclaimed him the winner, but the results were widely regarded as fraudulent. The resulting protests led to the People Power Revolution, which forced Marcos and his allies to flee to Hawaii. Aquino's widow, Corazon, was installed as president.
  
  The return of democracy and government reforms which began in 1986 were hampered by national debt, government corruption, and coup attempts. A communist insurgency and military conflict with Moro separatists persisted; the administration also faced a series of disasters, including the eruption of Mount Pinatubo in June 1991. Aquino was succeeded by Fidel V. Ramos, who liberalized the national economy with privatization and deregulation. Ramos' economic gains were overshadowed by the onset of the 1997 Asian financial crisis. His successor, Joseph Estrada, prioritized public housing but faced corruption allegations which led to his overthrow by the 2001 EDSA Revolution and the succession of Vice President Gloria Macapagal Arroyo on January 20, 2001. Arroyo's nine-year administration was marked by economic growth, but was tainted by corruption and political scandals, including electoral fraud allegations during the 2004 presidential election. Economic growth continued during Benigno Aquino III 's administration, which advocated good governance and transparency. Aquino III signed a peace agreement with the Moro Islamic Liberation Front (MILF) resulting in the Bangsamoro Organic Law establishing an autonomous Bangsamoro region, but a shootout with MILF rebels in Mamasapano delayed passage of the law.
  
  Rodrigo Duterte, elected president in 2016, launched an infrastructure program and an anti-drug campaign which reduced drug proliferation but has also led to extrajudicial killings. The Bangsamoro Organic Law was enacted in 2018. In early 2020, the COVID-19 pandemic reached the Philippines; its gross domestic product shrank by 9.5 percent, the country's worst annual economic performance since 1947. Marcos' son, Bongbong Marcos, won the 2022 presidential election; Duterte's daughter, Sara, became vice president.