[1] The first few years of Ramos' administration (1992–1995) were characterized by economic boom, technological development, political stability and efficient delivery of basic needs to the people.

In the 1992 presidential election, retired general Fidel Ramos of Lakas–NUCD narrowly defeated populist candidate Miriam Defensor Santiago of the People's Reform Party.

Under the plan, several industries critical to economic development were privatized or deregularized, such as electricity, telecommunications, banking, domestic shipping, airline, and oil.

By the late 1990s, the Philippines' economic growth gained favorable comparisons with other Asian countries such as Taiwan, Thailand, South Korea, and Malaysia.

"[5] During his administration, Ramos began implementing economic reforms intended to open up the once-closed national economy, encourage private enterprise, invite more foreign and domestic investment, and reduce widespread corruption.

He also instituted reforms in the tax system which includes a forced increase on VAT (E-VAT law) from 4% to 10% mandated by World Bank and the International Monetary Fund.

[7] When Ramos was elected in May 1992, the Philippines had been experiencing widespread rotating power outages, known as "brownouts", for nearly a year; this happened suddenly when growing customer demand exceeded the reliable supply of electricity, which was mostly provided by the government-owned Napocor.

Following the 1997 Asian Financial Crisis however, this structure became a problem, as the Philippine peso lost half of its value, and the local price for the contracted electricity essentially doubled.

[citation needed] The country was already considered risky by investors due to previous coup attempts by military adventurists led by Gregorio Honasan, during the term of President Aquino; the almost daily brownouts lasting 4–12 hours also developed then.

There was little literature or previous experience with such schemes at the time; with the later unfavorable changes in the exchange rates and the business environment, some charge that these contracts put a large and undue amount of risk on the government and consumers.

In 1996, Ramos signed a bill that returned capital punishment with the electric chair (method used from 1923 to 1976, making Philippines the only country to do so outside U.S.) "until the gas chamber could be installed".

[9] The Ramos administration speeded the implementation of the Comprehensive Agrarian Reform Program (CARP) of former President Corazon Aquino in order to meet the ten-year time frame.

However, there were constraints such as the need to firm up the database and geographic focus, generate funding support, strengthen inter-agency cooperation, and mobilize implementation partners, like the non-government organizations, local governments, and the business community.

Some politically active religious groups, opposition politicians, business tycoons and left wing organizations opposed the Charter change process that was supposed to lead to a national referendum.

[12] In early 1995, the Philippines discovered a primitive Chinese military structure on Mischief Reef in the Spratly Islands, one hundred and thirty nautical miles off the coast of Palawan.

His last minute effort to negotiate with Singapore President Ong Teng Cheong and Prime Minister Goh Chok Tong failed and he was greeted with protests after his return to Manila.

The Commission recommended the resignation of then Overseas Workers Welfare Administration (OWWA) head David Corpin and 13 other government officials, including two labor attachés.

After tensions cooled off, Ramos restored diplomatic relations with Singapore after meeting Prime Minister Goh Chok Tong during the sidelines of the 50th anniversary of the United Nations in New York City.

Charges of alleged massive corruption or misuse of funds blemished Ramos' supposed pet project, the Centennial Expo and Amphitheater at the former Clark Air Base in Angeles City, Pampanga.

[16] Six ranking Ramos cabinet members and officials, headed by Chair Salvador Laurel (former Vice-President) of the Centennial Commission were cleared by the Ombudsman and Sandiganbayan (People's Court).

However, ex-solicitor general Francisco Chavez filed a petition to nullify the PEA-Amari deal because the government stood to lose billions of pesos in the sale of reclaimed lands to Amari.

[citation needed] On April 25, 1995, PEA entered into a joint venture with Amari to develop Freedom Islands and on June 8 of the same year, Ramos approved the deal.

[17][better source needed] A longstanding criticism of Ramos was whether his role in the ouster of President Joseph Estrada was motivated by his fear of being prosecuted in connection with the Centennial Expo and other scams.

When President Gloria Macapagal-Arroyo granted Estrada executive clemency after having been found guilty of plunder by the special Sandiganbayan court in September 2007, Ramos heavily criticized Arroyo's decision.

His admission came following the discovery of a secret memorandum issued by the National Economic Development Authority director-general during the president to tell the Filipinos the truth about the state of the economy and that they ought to prepare for worse.

[citation needed] On August 30, 2011, leaked diplomatic cables sent by the United States Embassy in Manila revealed that the Libyan government under Muammar Gaddafi allegedly contributed about US$200,000 to the presidential campaign of Ramos in 1992.

On June 30, 1998, Ramos accompanied his successor to the Barasoain Church in Malolos, Bulacan for the oath-taking rights and later at the Quirino Grandstand in Luneta for the inaugural address.