After Cory's Presidency

The Philippine Constitution bars a President from serving more than one six-year term; as a result, Aquino was not eligible to run in the 1992 Philippine elections. Instead, Aquino backed her Defense Secretary Fidel V. Ramos (after initially naming Ramon Mitra, Jr., her former Agriculture Secretary and then Speaker of the House of Representatives, as her candidate), Marcos' armed forces vice-chief of staff whose defection to the Aquino party proved crucial to the popular revolution. This decision was unpopular among many of her core supporters, including the Roman Catholic Church (Ramos is a Protestant). Ramos narrowly won with just 23.58 percent of the vote, and succeeded Aquino as president on June 30, 1992.

Following the end of her term, Aquino retired to private life. When she rode away from the inauguration of her successor, she chose to go in a simple white Toyota Crown she had purchased (rather than the government-issue Mercedes), to make the point that she was once again an ordinary citizen.

Aquino led the PinoyME Foundation, a non-profit organization that assists microfinance institutions through the provision of loans. She also oversaw social welfare and scholarship assistance projects through the Benigno S. Aquino Foundation, and good governance advocacy through the EDSA People Power Commission, and the People Power People Movement.
President Aquino was likewise a member of the Council of Women World Leaders, an International network of current and former women presidents and prime ministers whose mission is to mobilize the highest-level women leaders globally for collective action on issues of critical importance to women and equitable development.
Aquino was a skilled painter, and was fond of giving her own paintings, as gifts, to her close friends and acquaintances, including world leaders, diplomats, and corporate executives.

Aquino continued to speak out on political issues. In the 1998 presidential elections, she supported the candidacy of Manila Mayor Alfredo Lim, who placed fifth. In January 2001, Aquino played an active role in the second EDSA Revolution which ousted President Joseph Estrada and installed Gloria Macapagal-Arroyo to the presidency. In 2005, Aquino condemned President Macapagal-Arroyo for allegedly rigging the 2004 presidential elections. She was a visible participant in mass demonstrations against the Arroyo government and called for the President's resignation.

In December 2008, Aquino publicly expressed some regrets for her participation in the 2001 EDSA Revolution and apologized to former President Joseph Estrada, who had been ousted following that revolt, in his presence. An Aquino spokesperson however later clarified that Aquino's remarks were taken out of context, they having been made in jest at a light-hearted affair.

In the 2007 senatorial elections, Aquino actively campaigned for her only son, Benigno III, in his successful bid for a Senate seat.