De Venecia concedes defeat

De Venecia concedes defeat

MANILA (AP): Ruling party candidate Jose de Venecia conceded
defeat yesterday, a day before Congress was scheduled to proclaim
Vice President Joseph Estrada as the Philippines' next president.

"I accept the verdict of our electorate and wish only the best
for president-elect Joseph Estrada, who is the clear winner of
the elections," House Speaker de Venecia said.

He said he was thankful for placing second among 10 candidates
in the May 11 elections to choose the successor to President
Fidel Ramos. De Venecia was Ramos' hand-picked candidate.

"For this I am honored because we fought the good fight and
played according to the rules," he added.

He said he did not delay Congress' official count of the
presidential vote, which he could have as House speaker, because
such delays could bring instability as the country attempts to
overcome the Asian currency crisis.