In 1983, after being informed by Fabian Ver of Senator Ninoy Aquino's impending arrival, Imelda Marcos [Tessie Tomas] informs her husband President Ferdinand Marcos [Ruben Rustia] about a warning to Aquino not to return to the Philippines because his life would be in danger.
In Manila, American journalist Tony O'Neill [Gary Busey] is driven by his cameraman Ramon to Manila International Airport to cover Aquino's arrival. Inside the terminal, Tony and other journalists witness the arrival of Ninoy's aircraft and await him. Seconds later, Aquino is shot along with Rolando Galman. The gunfire forces Tony and the other journalists to leave the scene as Aquino's body is loaded into a van. Tony asks Ramon if he filmed the entire incident, wherein the latter only responds that he failed to do so as everything "happened too fast".
In Boston, a telephone call informs Corazon Aquino of her husband's death. She and her family fly to the Philippines, vowing to seek justice for her husband. The day after the assassination, Marcos and General Prospero Olivas preside over the initial investigation of Aquino's assassination, denying any wrongdoing.
O'Neill covers Aquino's funeral and calls it as larger than that of Gandhi's, and decides to cover the unfolding political crisis in the country. In the course of his reporting, he is invited by Imelda to Malacañang in an unsuccessful attempt to tone down his coverage, while developing a relationship with Celie, the niece of local newspaper publisher Ben Balamo. During a protest, Celie's brother Emilio is killed by security forces, while she herself is detained and sexually abused by the security forces, pushing her to join the New People's Army before deserting due to post-traumatic stress disorder and being extrajudicially killed by government forces.
Behind these events, Defense Minister Juan Ponce Enrile [Joonee Gamboa] and a group of disgruntled soldiers plot Marcos' overthrow in a coup d'état while liaising with Cory and other dissident minds, while Gen. Ver and Olivas are tried and acquitted for their role in the Aquino assassination. In 1985, Marcos agrees to a snap election scheduled for February 7 the following year. An initially reluctant Cory agrees to challenge Marcos, with the resulting campaign being marred in violence. Gen. Olivas secretly warns Ben of a top-secret plan to eliminate dissidents, including Ben, after the election.
On Election Day, goons harass Tony and Ramon, while the fraudulent result in favor of Marcos leads to more upheavals with the Aquino camp calling for civil disobedience. On 22 February, Enrile learns that his plot against Marcos has been discovered. With Deputy Armed Forces of the Philippines Chief of Staff General Fidel Ramos and other dissident soldiers, they barricade themselves in Camp Aguinaldo. Desperate, they call Cory Aquino and Manila Archbishop Cardinal Jaime Sin for support. The latter obliges by calling on the faithful to defend the dissidents on EDSA. The next three days see the unfolding of the People Power Revolution, and after attempts by the Marcoses to take back control, they finally realize their defeat and flee into exile with American help. With the Marcoses gone, the people seize control of Malacañang and Aquino assumes full control as President. As celebrations erupt, Tony reconciles with his estranged journalist wife Angie.
