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Maybe Mark Twain was right: In war, history doesn't repeat itself, but it rhymes. Commentary Philippines' Aquino takes oath, swears to fight graft Manny Mogato MANILA Wed Jun 30, 2010 2:57am EDT Factbox Factbox: Major policy challenges facing Philippines' Aquino 2:35am EDT 1 / 5 Philippine President Benigno ''Noynoy'' Aquino III waves to the crowd during his inaugural address after he was sworn in as the 15th President of the Philippines in Manila June 30, 2010. Credit: Reuters/Erik de Castro MANILA (Reuters) - Benigno Aquino III, the son of two democracy heroes, told hundreds of thousands of people he would deliver on his promise to tackle entrenched corruption when he was sworn in as the Philippines' 15th president on Wednesday. World In his first speech as president, Aquino said he would fight poverty, improve the investment climate, and seek a just resolution to a long-running Muslim separatist insurgency in the south of the poor, mainly Catholic Southeast Asian nation. "My parents sought nothing less, and died for nothing less, than democracy, peace and prosperity," Aquino told an adoring crowd that police estimated at about half a million people. "I am blessed by this legacy. I shall carry the torch forward," he said at the ceremony at the Quirino Grandstand near Manila Bay in the old part of the capital. Many in the crowd were dressed in yellow, the color of the 1986 People Power revolution that drove dictator Ferdinand Marcos from office and swept Aquino's mother Corazon to power. Yellow confetti was sprinkled over the crowd from a helicopter shortly before Aquino took his presidential oath. "I was here 24 years ago for his mother's political rally and I came here to see Noynoy take his oath because I want him to succeed," said Sonia de la Cruz, using Aquino's nickname. "I will pray for him. I hope he stops people in government from stealing and delivers his promises to us," said de la Cruz, 60, who had left home before dawn with her daughter and grandson to get a good spot for the ceremony. REVIEW APPOINTMENTS Outgoing President Gloria Macapagal Arroyo did not stay for Aquino's inauguration, which was watched by former presidents Joseph Estrada and Fidel Ramos. The pro-Aquino crowd cheered wildly as she left the ceremony. On Tuesday, Aquino said he was setting up a "Truth Commission" to investigate allegations of corruption, electoral fraud and rights abuses against Arroyo and her administration. Arroyo denies any wrongdoing. "To those who talk about reconciliation, if they mean that they would like us to simply forget about the wrongs that they have committed in the past, we have this to say: there can be no reconciliation without justice," Aquino said. Aquino said he would review Arroyo's "midnight" appointments -- those made late in her term. He took the oath of office from as associate justice rather than the chief justice, whom Arroyo appointed after the May 10 election. Arroyo is not departing the political scene, having won a seat in the lower house of Congress in the May election and she could potentially block some of the new president's agenda. WAVE OF EMOTION After the inauguration, Aquino headed to the Malacanang presidential palace for a working lunch with his new cabinet, which he announced on Tuesday. Apart from corruption, Aquino faces problems from decades-old insurgencies by Muslim separatists on southern Mindanao island and Maoist-led guerrillas, and restoring public and investor confidence in governance and institutions. "My government will be sincere in dealing with all the peoples of Mindanao. We are committed to a peaceful and just settlement of conflict, inclusive of the interests of all," he said. He made no mention of the Maoist insurgency. Aquino also has to tame a budget deficit that reached nearly 4 percent of GDP in 2009, which he said he will first do by enforcing existing tax laws to improve collections before considering any increase in tax rates. Aquino's surge to the presidency was driven by a wave of emotion following the death of Corazon Aquino last August, with the family's reputation for propriety and honesty a powerful lure after two administrations dogged by allegations of corruption. "I am hopeful he will fulfill his promises. I believe he is sincere like his mother," said Pedro Reyes, who was selling inauguration T-shirts. "He is truly for poor people like us." Aquino has had a lackluster 12-year legislative career and there is a concern that, like his mother, he could be personally honest but lack the political savvy to run a government successfully and push through a reform agenda. Aquino's father, Benigno Aquino Jr, was a Marcos-era opposition leader assassinated in 1983 on the tarmac of the Manila airport while in the custody of security forces as he returned from a period of political exile in the United States. (Additional reporting by Rosemarie Francisco; Writing by John Mair; Editing by Paul Tait) World Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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