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.