Philippine business tycoon Eduardo Cojuangco, chairman of the San Miguel Corp, has ended speculation about his political plans, declaring he would not seek the presidency in elections next May, according to Reuters November 26. "I am not," Cojuangco told reporters at a private party on Tuesday night when asked if he would stand. "We will just leave it to others." Cojuangco's decision not to run has increased speculation film idol Fernando Poe Jr will contest the presidency as the opposition's flag bearer. Poe's lack of political or economic experience has unnerved markets, but his supporters say he is a clean candidate, untainted by the corruption and scandals that are common fare in the Philippines' turbulent democracy.

Cojuangco, 68-year-old chairman of the San Miguel Corp, seller of nine of 10 beers in the Philippines, said he had not decided whom to support in the election but may end up backing Poe should the film star declare his candidacy. President Gloria Macapagal Arroyo, who took power in January 2001 after then leader Joseph Estrada was ousted in a popular uprising over charges of corruption, has declared she would seek a new term.

Cojuangco is locally dubbed the "kingmaker" because of his financial clout and links with leading Filipino politicians. He ran for the presidency in 1992 but was thrashed by former defense secretary Fidel Ramos. In recent months, he was frequently rumored to be planning a second bid.

26 November, 2003