land holdings that were larger than 7 hectares were to be distributed to landless tenants while the owners were given just compensation. Another reform implemented by Marcos during the Martial Law period was that corporations were ordered to start selling their shares to the public so that these companies were no longer owned only by a single family and their friends, but also by those who were willing to become shareholders by purchasing stocks. This reform helped alleviate income inequality to a certain extent for it allowed income to be distributed to the lower middle class. However, the "crony capitalism" of President Ferdinand Marcos only made the gap between rich and poor wider because funds that could have been used for crucial development needs were siphoned off to be used for the benefit of Marcos and his allies. Due to this, the problem of income inequality that was very much present even during the period of the Third Republic was made worse. This led Rep. Stephen Solarz of the 13th District of New York to observe in 1986 that more than half of the Filipino population was living in squalor while Marcos and his allies were living in luxury. EDSA Revolution to the Present (1986– ) Due to the success of the EDSA Revolution, Marcos and his family would flee to Hawaii and Corazon Aquino would become the new Philippine President. When she took power, President Aquino was able to restore democracy and basic rights such as the writ of habeas corpus and free speech. However, when established a constitutional convention to replace the 1973 constitution, the delegates were mostly from the old elite. Also, when she redistributed the corporations of the cronies, these companies were sold to Chinese businessmen and members of the old elite. President Aquino was an honest leader, but she was not able to solve other issues because of instability caused by attempted coups staged by the military which tried to overthrow her government. When Fidel Ramos succeeded Cory Aquino, he relaxed government regulations in order to allow entrepreneurs to be able to compete with foreign corporations and he was able to end the electricity crisis of his predecessor's regime. Ramos was also able to make the economy more transparent by introducing a banking reform, which allowed local and foreign banks to compete. In his SONA, President Ramos also planned to create socialized housing for the