The country was considered risky by investors due to previous coup attempts by military adventurists led by Gregorio Honasan, and experienced blackouts at an almost daily basis lasting 4–12 hours during the term of President Aquino. The low supply of power and perceived instability had previously held back investments and modernization in the country. Under Ramos, the Philippines was a pioneer in the Build-Operate-Transfer (BOT) scheme where private investors are invited to build certain government projects (i.e. tollways, powerplants, railways, etc.), make money by charging users, and transfer operation to the government after a set amount of time.