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ESTRADA'S PRESIDENTIAL CLAIM DAMPENS INVESTOR SENTIMENT IN PHILIPPINES.

AsiaPulse News

| March 01, 2001 | COPYRIGHT 2001 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

MANILA, March 1 Asia Pulse - Questions about the legitimacy of president Gloria Arroyo's government had to a large extent derailed foreign investors' expansion plans in the Philippines, an official said Wednesday.

"Potential investors, especially foreign investors, are always asking us questions about the status of the new government," Justice secretary, Hernando Perez said.

Ousted president Joseph Estrada had petitioned the Supreme Court to nullify Arroyo's ascent to the presidency, arguing he had not resigned and that Arroyo is only "acting president."

Estrada, impeached by Congress on corruption charges, stepped out of the Malacanang Palace last Jan 20 to avoid bloodshed at the height of a military-backed protest rallies against him.

The Supreme Court announced on Tuesday it would hand down its ruling on Estrada's petition on March 13.

Foreign and local businessmen had put on hold fresh investment plans until after the high tribunal rules on whether Estrada is still the country's legal president.

Perez said not only Filipinos, but also foreigners were ...

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