All three Philippine presidents following Ferdinand Marcos have their respec tive claims to fame. Coraz?n Aquino is credited for the restoration of formal democratic institutions and rights. Fidel Ramos's term from 1992 to 1998 saw the real economic growth rate reaching to its highest levels in over fifteen years at 6 per cent and market reforms put on track. Joseph Erap Ejercito Estrada, on the other hand, vowed to help the poor ride the wave of economic development through what has been described as an ambitious synthesis of pro-poor and pro-market polices. This promise of social and economic re forms and individual charisma catapulted him to an overwhelming electoral victory in May 1998 and gave him tremendous confidence in his stature as head of state. As year 1999 drew to a close, however, national newspapers feasted on the reported dip in the Philippine President's popularity. The growing disaffec tion stemmed from the spate of corruption and cronyism scandals that struck the administration, and from President Estrada's drive to initiate a constitu tional change amid other pressing concerns. Multiple hikes in oil prices and the slow delivery of pro-poor programmes further dampened enthusiasm for the populist president. Two big rallies in Metro Manila and other cities in August and September 1999, attended by former President Coraz?n Aquino and Manila Archbishop Cardinal Jaime Sin, signalled the downslide. The year also saw an upsurge in rebel activity in the country. Disappointment over the poor national leadership overshadowed the rela tive success in stabilizing the economy, the judicial reforms that have been introduced by Hilari?n Davide, the new chief justice of the Supreme Court, and the decline in cases of kidnapping of rich ethnic Chinese as a result of the tough anti-crime policy of Estrada's controversial Philippine National Police chief Panfilo Ping Lacson. The Philippine economy inched slowly towards some measure of recovery from the 1997 financial crisis. Inflation fell from 10 per cent in January to 3.9 per cent by November 1999, and the peso/dollar exchange rate was stable at