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Influence in 1992 presidential election

The 1987 Constitution limited the president to a single six-year term with no possibility of re-election. As the end of her presidency drew near, close advisers and friends told Aquino that since she was not inaugurated under the 1987 Constitution, her term beginning 1986, she was still 'eligible' to seek the presidency again in the upcoming 1992 elections, the first presidential elections held under normal and peaceful circumstances since 1965. However, Aquino firmly declined the requests for her to seek reelection, citing her strong belief that the presidency was not a lifetime position.

Initially, she named Ramon V. Mitra, Speaker of the Philippine House of Representatives who had been a friend of her husband, as her preferred candidate for the 1992 presidential elections. However, she later backtracked and instead supported the candidacy of General Fidel V. Ramos, who was her defense secretary and a key figure in the EDSA Revolution. Ramos had consistently stood by her government during the various coup attempts that were launched against her administration. Her sudden change of mind and withdrawal of support from Mitra drew criticism from her supporters in the liberal and social democratic sectors. Her decision also drew criticism from the Catholic Church, which questioned her support of Ramos due to his being a Protestant. General Ramos won the 1992 elections with 23.58% of the total votes in a wide-open campaign.

On June 30, 1992, Corazon Aquino formally and peacefully handed over power to Fidel Ramos. On that day, Fidel V. Ramos was inaugurated as the twelfth president of the Philippines. After the inauguration, Aquino left the ceremony in a simple white Toyota Crown she had purchased, rather than the lavish government-issued Mercedes-Benz in which she and Ramos had ridden on the way to the ceremonies, to make the point that she was once again an ordinary citizen.