President Gloria Arroyo has announced a state of emergency in the Philippines following the thwarting of a coup plot. Somewhat ironically, today is the 20th anniversary of the original People Power revolution that overthrew dictator Ferdinand Marcos.

MANILA (Reuters) – President Gloria Macapagal Arroyo declared emergency rule in the Philippines on Friday after the military said it foiled a coup attempt, but analysts criticized the move as unwarranted and potentially damaging to the economy.

Talk of plots against Arroyo, who survived a crisis last year over allegations of vote-rigging and corruption, has been running high around this week’s anniversary of the 1986 “people power” revolt that overthrew dictator Ferdinand Marcos.

“While we may have nipped it in the bud, there is still clear and present danger,” chief of staff Michael Defensor said.

He said eight to 10 politicians and military officers were believed to be behind the plot but did not identify them.

Sources in the security forces said the alleged financiers and plotters included deposed president Joseph Estrada, former colonel and senator Gregorio Honasan, former budget secretary Salvador Enriquez, a former nun and five retired officers.

I wrote yesterday about the plot being averted, but at the time it was only known that a few lower level officers were involved. Now it comes out that potentially several high-ranking government officials and even a brigadier general may have been supporting it. A couple of bottom-feeders would never have succeeded, but this is much more serious if it’s true.

The state of emergency, however, seems to be too much to me. The entire point of the People Power revolution was so that the country would never again smack of martial law. I read in an article earlier today that a peaceful anti-Arroyo protest of 5000 people was broken up by riot police. She’s already politically unpopular, but this state of emergency could backfire as it resonates with the electorate. Chances are, the military coup could be cut off completely without it, but it was imposed so as to strengthen her power base in the restive days ahead. Such actions, in democratic societies, rarely succeed however.