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Philippines: Estrada Resigns In New Dawn For Opposition
by Kazi Mahmood
JAKARTA (IslamOnline) - The force of massive demonstrations culminating in popular upheaval finally got to Philippine President Joseph Estrada yesterday as he tendered his resignation from the presidential post.
The development brings a new dawn for the opposition alliance and propels Gloria Macapagal-Arroyo into the Philippine presidency, as she becomes the country's 14th President and second woman in 15 years to be at the helm of the troubled republic.
Estrada's resignation was greeted with a sigh of relief from large crowds gathered in several Filipino cities in the economically weakened country.
The Philippine peso and stocks tumbled to historic lows Thursday as protests mounted over a controversial Senate vote virtually acquitting Estrada of corruption charges.
The peso slumped 5.3% to 55.75 against the U.S. dollar, while the key 30-share Phisix index shed six percent to close at an 18-month low of 1,458.63 points.
Traders blamed a close Senate 11-10 vote banning the opening of sealed bank documents showing Estrada's alleged 3 billion pesos in ill-gotten wealth for the bloodbath in the capital market.
Estrada is on trial on charges of bribery, graft and corruption, betrayal of public trust and culpable violation of the constitution.
With his resignation, Estrada's troubles are not over yet as Arroyo on Saturday immediately ruled out amnesty for her disgraced predecessor, saying she would "let justice take its course," regarding graft charges against him.
Estrada had demanded amnesty before stepping down.
Speaking to the press shortly after she took her oath of office, Arroyo said "we will let justice take its course in a dignified manner and not [in] a circus."
As Estrada desperately tried to hold on to power, the Philippines Supreme Court Saturday declared the presidency vacant, allowing Arroyo to be sworn into the position.
The 53-year old Arroyo is an economist and is the daughter of former president Diosdado Macapagal, who was elected in 1961.
Arroyo, in her address to the Philippine nation, said that the Filipino people should look with pride at what happened in Edsa today.
"Pride will reign supreme as Filipinos recall the heroism and sacrifices and prayers" of various people, she said.
Arroyo also quoted martyred Filipino hero Benigno Aquino who said, "The Filipino is worth dying for," as she stressed the formidable task that faces her and the country, and promised reforms in politics.
There was, however, no news of the impending dialogue and peace talks with warring factions in the southern Philippines, where a Muslim separatist movement is still raging between the Moro Islamic Liberation Front (MILF) and the Filipino army.
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