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.