The assanination of opposition leader Benigno Aquino, Jr in 1983 brought together the different elements of the opposition in a common cause to reclaim their political freedom and dignity. At the same time, it precipitated a loss of confidence in the business community. By October of that same year, the Central Bank of the Philippines was forced to notify its creditors that it could not meet its obligation on its debt of US$24.6 billion. The country was bankrupt and the peso suffered a 21% devaluation.
On December 1985, President Marcos called for a snap election. With the support of the united opposition and the Catholic Church, Corazon Aquino, widow of the late Benigno Aquino, declared her candidacy. President Marcos won the official tally; however the result was denounced by the public and the U.S. delegation. On the 22 February 1986, the Secretary of Defense, Juan Ponce Enrile and General Fidel Ramos sent an appeal to the military to join them in revolt and calling the president to resign on his post. At the same day, Agapito Aquino, brother of the Benigno Aquino and Cardinal Sin asked the people to protect the rebels. Through the night, a million of people came out and by morning, EDSA and the access to the two military camps along EDSA was thoroughly jammed. By Sunday morning a column of tanks rolled along EDSA to dislodge the rebels. However, the tanks were stopped by the large number of unarmed civilians protecting the rebels. The soldiers have to kill them to get to the rebels whom in fact they do not expected nor prepared to do so.
It was 24 February when the American Ambassador delivered the message from President Reagan, informing President Marcos that he and his family together with his cronies would be welcome to live in United States. By the morning of 25 February, President Marcos was forced to exile and Corazon Aquino was installed as the new president of the Philippines.