24 January
RA 6977 creates the Small-Medium Enterprise Council.
February
2nd Philippine Assistance Program (PAP) pledging session yields US$3.25 billion.
24 February
US and allied forces invade Iraq.
24 April
RA 6981 provides for a witness protection, security and benefits program.
17 May
MBC supports foreign investment law.
31 May
“As the competition for foreign investments heightens, countries work double time and try to outdo each other in making their investments climates more attractive. Congress is now working on a measure that hopes to attract more foreign capital.”
– Margarito Teves, Ricardo Romulo, Vicente Paterno
June
MBC sponsors 1st batch of Invest In Education Program scholars.
6 June
“MBC supports President Aquino’s position to veto debt cap provision.The debt cap provision speaks of the country’s inability to honor commitments or negotiate for better terms on its loans. It has a worse impact on the economy than continued debt servicing.”
– MBC statement
12 June
Mt. Pinatubo erupts, forcing US forces to abandon Clark and Subic bases.
13 June
RA 7042 prescribes a Foreign Investment Act.
16 July
RA 7080 defines and penalizes the crime of plunder.
29 August
“MBC calls on the Senate to ratify the US Bases Treaty so that the country will be back on track in its economic recovery efforts and provide current and future leaders with more avenues for growth.”
– MBC statement
29 August
“We need not only sound economic strategies; we need a leader with the political skills and managerial experiences to implement them.”
– Ramon Mitra Jr., Candidate in 1992 presidential elections
16 September
Senate terminates RP-US Military Bases Agreement with a 12-11 vote.
27 September
“I offer you stability--stability towards progress and prosperity. As we have clearly learned, without stability no economic program can possibly succeed.”
– Fidel Ramos, Candidate in 1992 presidential elections
10 October
RA 7160 creates the Local Government Code.
21 October
MBC celebrates 10th anniversary.
5 November
Super storm “Auring” hits the country, killing 5,080.
7 November
“Today, agrarian reform is effectively moribund. After three-and-a-half years, the Comprehensive Agrarian Reform Program has achieved only 34.2% of its initial distribution target.”
– Miriam Defensor-Santiago, Candidate in 1992 presidential elections
2 December
Supreme Court upholds constitutionality of Foreign Investments Act.
12 December
“A country that enjoys justice but does badly on business may go hungry, yet it will always be humane; but a country that enjoys good business but has no justice will be rich, yet it will be bereft of humanity and impoverished in spirit.”
– Marcelo Fernan, Candi-date in 1992 presidential elections