Estrada assumed office amid the Asian Financial Crisis and with agricultural problems due to poor weather conditions, thereby slowing the economic growth to -0.6% in 1998 from a 5.2% in 1997.

In 2000, Estrada was accused of illegally accepting payoffs from various sources, including jueteng, a popular local numbers game, sparking a national controversy that led to the House of Representatives voting to impeach him.

[citation needed] Foreign investors' confidence was further damaged when, in his second year, Estrada was accused of exerting influence in an investigation of a friend's involvement in stock market manipulation.

[11][failed verification] In the Smokey Mountain case, he said, he appeared in 2000 before the public hearing of the House committee on good government chaired by then Rep. Ed Lara whose panel cleared the project as valid and legal.

[13] In September 1999, he issued Executive Order 151, also known as Farmer's Trust Fund, which allows the voluntary consolidation of small farm operation into medium and large scale integrated enterprise that can access long-term capital.

8, Estrada created the Presidential Anti-Organized Crime Task Force (PAOCTF) to minimize, if not totally eradicate, car theft and worsening[16] kidnapping cases in the country.

[17] In November 2000, during the Juetenggate scandal of Estrada, high officials of the PAOCTF–Cezar Mancao, Michael Ray Aquino, Glen Dumlao, and PAOCTF chief Panfilo Lacson—were implicated in the murder of publicist Salvador Dacer and his driver Emmanuel Corbito in Cavite.

Unlike Charter change under presidents Ramos and Arroyo, the CONCORD proposal, according to its proponents, would only amend the 'restrictive' economic provisions of the constitution that is considered as impeding the entry of more foreign investments in the Philippines.

There were objections from opposition politicians, religious sects and left wing organizations based on diverse arguments such as national patrimony and the proposed constitutional changes would be self-serving.

[citation needed] During the Ramos administration a cessation of hostilities agreement was signed between the Philippine Government and the Moro Islamic Liberation Front (MILF) in July 1997.

[25] Estrada strengthened bilateral ties with neighboring countries with visits to Vietnam, Thailand, Malaysia, Singapore, Hong Kong, Japan, and South Korea.

[citation needed] The country also sent a delegation of 108 observers to the Indonesian parliamentary elections, and engaged in cooperative activities in the areas of security, defense, combating transnational crimes, economy, culture, and the protection of OFWs and Filipinos abroad.

[30] With the Supreme Court decision, Gordon called Payumo and turned over the reins of SBMA at the Subic Bay Yacht Club two months later on September 3, 1998.

[32][failed verification] Estrada criticized the Philippine Daily Inquirer, the nation's most popular broadsheet newspaper[citation needed], for "bias, malice and fabrication" against him.

[34][35] Estrada launched a libel suit against the country's oldest newspaper the Manila Times over a story that alleged corruption in the awarding of a public works project.

[37] The ensuing investigation led only to further confusion when the head of the compliance and surveillance group of the PSE and his entire staff resigned[38][39] saying "I believe I can no longer effectively do my job.

"[38] The Philippine Center for Investigative Journalism has reported that there are 66 corporate records wherein Estrada, his wife, mistresses and children are listed as incorporators or board members.

[40] Members of the so-called midnight cabinet included Ilocos Sur Governor Chavit Singson, Caloocan Representatitve Luis 'Baby' Asistio, and BW Resources Corp. head Dante Tan.

[42] Valenzuela Representative Magtanggol Gunigundo II exposed the assignment of Estrada of some seized luxury vehicles and SUVs to his Cabinet secretaries and favored political allies through an obscure office "Presidential Retrieval Task Force.

"[43][failed verification] Estrada initially resisted his critics' calls to return the "hot cars" to the Bureau of Customs, and challenged them to file a case against him.

[citation needed] Salvador "Bubby" Dacer, publicist in the Philippines, and his driver, Emmanuel Corbito, were abducted in Makati, the business district of Manila.

The conflict between the senator-judges, and the prosecution became deeper, but then Senate Majority Floor Leader Francisco Tatad requested to the Impeachment court to make a vote for opening the second envelope.

On November 13, 2000, 115 members of the House of Representatives signed an impeachment complaint against Estrada on charges of graft and corruption, betrayal of public trust, and Culpable violation of the constitution.

During the trial, the prosecution presented witnesses and evidence to the impeachment court regarding Estrada's involvement in an illegal numbers game, also known as jueteng, and his maintenance of secret bank accounts.

In February 2001, at the initiative of Senate President Aquilino Pimentel, Jr., the second envelope was opened before the local and foreign media, and it contained a document stating that Jaime Dichavez and not Estrada owned the "Jose Velarde Account".

[citation needed] Singson feared that he would be charged and stripped of power (there have been talks about the governor making a deal with the opposition... he was to help incriminate Estrada and he would be compensated for his service), but he was offered immunity by anti-Estrada lawmakers.

[49][50] On the evening of January 16, 2001, the impeachment court, whose majority were political allies of Estrada,[51] voted not to open an envelope that was said to contain incriminating evidence against the president.

That night, anti-Estrada protesters gathered in front of the EDSA Shrine at Epifanio de los Santos Avenue, not too far away from the site of the 1986 People Power Revolution that overthrew Ferdinand Marcos.

At noon, the Supreme Court declared that Estrada "constructively resigned" his post and Chief Justice Davide swore in the constitutional successor, Gloria Macapagal Arroyo, as President of the Philippines.

Former Supreme Court justice and Estrada appointee as chairwoman of the Philippine Charity Sweepstakes Office Cecilia Muñoz-Palma opined that EDSA 2 violated the 1987 Constitution.