Estrada defiant under fresh pressure to quit

Estrada defiant under fresh pressure to quit

MANILA (Reuters): Embattled Philippine President Joseph
Estrada came under fresh pressure to quit on Wednesday but
remained defiant, saying an opposition campaign to run him out of
office was losing steam.

Thousands of women beating pots, pans and drums marched in
Manila's Makati financial district to demand Estrada quit over
allegations that he took bribes from gambling syndicates running
an illegal numbers game.

Schoolgirls, nuns, slum-dwellers and well-dressed women walked
through pouring rain holding placards saying ""Erap, resign now".

Erap is Estrada's nickname from his days as a film star.

His chief opponent, Vice President Gloria Macapagal Arroyo,
reiterated she had received feelers from Estrada's camp seeking a
graceful way out for the former action film actor.

She told Reuters the campaign for his ouster would continue
unabated and that "no reasonable Filipino believes" Estrada's
denial of the gambling payoff charges.

"The testimony and the corroborating evidence that followed
have become increasingly more convincing," Arroyo said. "There
has been no specific rebuttal except that he says he is not
guilty. That's why his protestations of innocence are now not
believed by reasonable Filipinos."

Estrada, bolstered by an opinion poll earlier in the week
which showed 44 percent of Filipinos did not want him to quit
against 29 percent who did, was defiant.

"They're getting weaker," he told reporters when asked about
the opposition campaign.

Estrada later stressed he was sure of being cleared of any
wrong-doing.

"I'm confident that in the ongoing allegations of financial
wrongdoings that I am supposed to have committed, the truth will
prevail in the end.

"I am convinced that I'll be cleared of all issues that are
unfairly being leveled against me. In the final analysis, those
who have put their personal and political interest above the
interest of our country will be proven wrong."

He also called on the opposition to set aside differences with
him and work in unity. Arroyo has repeatedly declined such
offers.

Estrada, in maintaining his innocence, has called upon
Congress to speed up an impeachment process so he could vindicate
himself and be acquitted of the accusations.

But a BusinessWorld newspaper survey published on Wednesday
showed business confidence in the country had slid to a new low
of 52.3 index points from 65 in October.

The poll, taken between Oct. 26 and 30, showed about 79.7
percent of the 300 mainly business respondents were unhappy with
the way the government was operating -- the lowest rating since
the survey started in January 1998. Estrada became president in
July 1998.

"If he is made to resign because of the economic situation, we
would be allowing a group of financial people to overturn the
sovereign will of the people," National Security Adviser
Alexander Aguirre said.

As the prospect of a long impeachment trial set in, Philippine
financial markets resumed their decline after an euphoric rally
earlier in the week.

The main stock index closed 2.26 percent down after falling
over six percent by mid morning following three days of gains.
The peso broke 50 to the dollar on fading hopes of a speedy
resignation by Estrada.

"It's because the peso has resumed its depreciation. We're
back to reality," said Teresa Lee-Jahrling of Tower Securities of
the stock market fall.

Arroyo, next in line to become president should Estrada step
down, said: "The deadline (for Estrada's resignation) should be
now because that is the only way to stop the political and
economic crisis."

Estrada and his allies said on Wednesday that they will allow
his impeachment for alleged corruption to proceed without further
delay, easing fears the crisis would drag on and further harm the
economy.

Senators would cast the votes that would either remove him
from office or ensure his political survival.