Former Philippine President Corazon C. Aquino, the icon of democracy and “people power” in the Philippines, passed away at 3:18 a.m. on Saturday after more than a year of courageous battle against colon cancer, her son Sen. Benigno “Noynoy” Aquino III said. She was 76.

The official cause of death was cardio-respiratory arrest, Noynoy said in a statement read to members of the media at around 5:15 a.m. at the Makati Medical Center (MMC) the former President had been confined since June 25 this year.

"Our mother peacefully passed away at 3:18 a.m., August 1, 2009, of cardio-respiratory arrest," Noynoy said. "She would have wanted us to thank each and every one of you for all the prayers and your continued love and support. It was her wish for all of us to pray for one another and for our country."

Before Noynoy confirmed the tragic event, members of the media spotted prominent personalities, including TV host Boy Abunda as early 2 a.m. in the vicinity of MMC. Noynoy and basketball star James Yap, husband of Kris Aquino, were also seen rushing towards the back entrance of the hospital.

Abunda said he had received a phone call from Mrs. Aquino’s daughter Kris, prompting him to rush to the hospital.

Abunda said Mrs. Aquino was surrounded by all her five children – Ma. Elena “Balsy” A. Cruz, Victoria Eliza “Viel” A. Dee, Aurora Corazon “Pinky” A. Abellada, Sen. Benigno “Noynoy” Aquino III, and Kristina Bernadette “Kris” A. Yap. They prayed the Holy Rosary, specifically the Sorrowful Mystery, in her final moments, Abunda said.

“When she passed away, kasalukuyang ang kanyang mga anak ay nagdadasal ng rosary. They were praying the rosary when she peacefully passed away. They were praying the fifth sorrowful mystery which is the Cruxificion and Death of our Lord, doon na siya huminga nang kanya last gasp,” Abunda said.

Father Catalino Arevalo, a close friend of the Aquino family, conducted the final rites known as the Sacrament of Anointing the Sick to Mrs. Aquino a few minutes before her death.

Father Arevalo earlier held a holy mass inside the room where Mrs. Aquino was confined. She was surrounded by all her children, close family members, and friends.

Mrs. Aquino was diagnosed with colon cancer in March last year and underwent a series of chemotherapy treatment. Last May, she underwent surgery to remove parts of her colon.

Last June 25, she was brought to the MMC due to loss of appetite. She never left the hospital as her worsening condition unleashed waves of emotional outpouring in the country.

In Washington DC, President Arroyo yesterday declared a 10-day period of national mourning for the fallen icon of democracy.

The President extended her sincere condolences to the family of the late President who lost her battle to colon cancer, saying the country has lost a "national treasure."

"I am announcing today that we will officially observe a 10-day period of national mourning. Our hearts go out to the family in this hour of grief and sorrow. The nation prays for Cory and her family," the President said in a taped video address before leaving for New York City.

The President remembered Mrs. Aquino for helping lead the 1986 People Power Revolution “that restored democracy and the rule of law to our nation at a time of great peril.”

Executive Secretary Eduardo Ermita said the President signed Proclamation 1850 declaring August 1 to 10 as the period of national mourning following the demise of Mrs. Aquino. All flags in government offices will be flown at half-mast during the period.

Press Secretary Cerge Remonde said President may cut short her trip to the United States to join the nation in mourning the death of the former leader but such arrangement is still being finalized.

Meanwhile, former President Joseph Ejercito Estrada yesterday expressed grief over the death of Mrs. Aquino who had inspired him along with other freedom-loving Filipinos to continuously fight for the country’s democratic principles.

Estrada also highly-credited Mrs. Aquino – who assumed the presidency from February 1986 following the EDSA People Power I Revolution to June 30, 1992 – for her transparency and honesty as leader of the nation.

“Malaki talaga ang paghanga ko sa kanya. Kahit na siya ay pwedeng tumakbo noong 1992 pero sinabi niya na transition president lang siya. Ang ganda nuong huling SoNA (State of the Nation Address) niya sa Kongreso nang magpaalam siya nang maganda sa harap ng taong bayan,” Estrada said in an interview in GMA-7 television program.

Estrada, considered as the head of the political opposition, said he was saddened by the death of Mrs. Aquino, his constant companion during anti-government protest rallies in the recent years.

He said that the former president inspired him to be strong despite his ouster from office following the EDSA Dos People Power Revolution in January 2001 and being arrested and jailed from April 2001 until October 22, 2007.

He also claimed that she further earned the respect of the country’s first woman president when she apologized for taking part in his impeachment in office in January, 2001 that catapulted then Vice President Arroyo into the presidency.

Also on Saturday, Vice President Noli de Castro said one of the greatest legacies of former President Corazon Aquino is the restoration of press freedom in our country. De Castro joined the whole nation in mourning her passing.

“Bilang isang brodkaster, lubos ang aking pasasalamat sa kanya sa pagbalik ng demokrasya sa bansa. Utang na loob po namin sa kanya ang malayang pamamahayag na tinatamasa natin ngayon. Sa ipinamalas niyang tapang sa pamumuno, binuhay niya ang loob ng mga mamamahayag na ipaglaban ang karapatan at kalayaan ng bawat Pilipino,” De Castro said in a statement.

Meanwhile, former opposition leaders at the Batasang Pambansa, Department of Environment and Natural Resources (DENR) Secretary Lito Atienza and Antique Governor Sally Perez recalled how they personally witnessed Cory Aquino’s ultimate sacrifice for freedom and democracy as they expressed sympathy to the family of the late President who passed away early Saturday morning.

“We will never forget the time when we, together with John Osmena, Monching Mitra, and Evelio Javier, sought her commitment to represent and lead the opposition against the dictatorship and end the Marcos regime. In a crackling voice as tears flowed down from her eyes, Cory replied, saying she might have to do just that. We first witnessed the painful decision she had to make to run for president in 1986 after all the suffering she and her family endured as Ninoy fought Marcos and eventually lost her husband,” Atienza and Perez said. (With reports by Aris Ilagan and Roy Mabasa)