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Philippines In Turmoil As Estrada Set To Go Scot-Free
MANILA (News Agencies) - Philippine President Joseph Estrada appeared headed for acquittal on Wednesday as the Senate suspended his corruption trial.
However, the possible acquittal has forced him to face a tidal wave of protests and a collapsing economy.
Two of his predecessors led at least 40,000 protesters in the streets, with former president Corazon Aquino vowing to lead demonstrations "everyday" until Estrada is driven from power.
Former president Fidel Ramos, also a former general, marched through a military camp on his way to the rally, an unlit cigar in his mouth.
Defense Secretary Orlando Mercado alleged that Ramos tried to coax soldiers to abandon their posts, denouncing it as an "attempt to politicize the military."
Security forces were placed on their highest state of alert as, in the worst turmoil seen for a decade in the Philippines, financial markets crashed, schools closed and political leaders warned of a coup.
Thousands of Estrada supporters mustered near the presidential palace across town for their own rally, led by a presidential spokesman and one of the president's sons.
Supreme Court chief justice Hilario Davide adjourned the Estrada trial Wednesday until further notice as the 11 prosecutors and one of the 21 senator-judges resigned after the senate voted along party lines Tuesday to suppress bank documents deemed crucial to the case against the president.
The prosecutors branded the proceedings a "charade", accusing the 11 senators who voted to hold back Estrada's alleged secret back account records of having prejudged the case.
Prosecutors alleged they would have proved Estrada amassed 3.3 billion pesos ($66 million) in his first 18 months in office. Estrada's lawyers argued the money was not mentioned in the original charge sheet.
The Estrada lawyers demanded that Davide give the House of Representatives a deadline to elect a new set of prosecutors, warning that they would move for the dismissal of all the charges of bribery, corruption, betrayal of public trust and culpable violation of the constitution against their client.
Vice President Gloria Arroyo, in line to succeed Estrada if he was convicted, warned an unnamed group was "plotting a civilian-military junta to take over the reins of government."
She also warned the president against lashing out at the protesters, saying: "Should violence erupt because of the president's militant stand, the bloodshed will be on his very doorstep."
The political unrest is the worst the Philippines has seen since a bloodless popular revolt toppled the late dictator Ferdinand Marcos in 1986. His successor, Aquino, fought off seven coup attempts between 1986 and 1989.
At the rally Wednesday, Roman Catholic Church leader Cardinal Jaime Sin branded Estrada as an "immoral president" and urged him and the members of his cabinet to resign.
In Congress, House majority leader Francis Escudero warned of a "constitutional crisis" if other opposition legislators refused to serve as prosecutors.
After a night of street protests, a bloodbath swept across the markets Wednesday.
The Philippine currency closed at 54.625 pesos to the greenback after hitting a record low of 55.75 earlier in the day, while stock prices dived 8.4% before clawing back to narrow the losses to six percent at the close.
"The market has condemned this injustice. The repercussions of last night's decision will be felt most deeply by the poor and the jobless, as prices rice, investments fall, and jobs disappear," said a statement issued by nine of the country's most prominent business groups.
Estrada, who has denied any wrongdoing, appealed for sobriety.
"I appeal to our countrymen to keep calm and pray for strength and guidance. Let us pray we may be spared further violence, injuries or deaths," he said.
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