Tags: aquino | Philippines | vote | presidency

Aquino Edges Closer to Philippines Presidency

Tuesday, 11 May 2010 10:01 AM

MANILA—Senator Benigno Aquino III edged closer to becoming the next president of the Philippines Tuesday as vote-counting continued from Monday's national elections, bolstering financial markets but also drawing attention to the way the country continues to be dominated by a relatively small group of family dynasties.

Mr. Aquino, a 50-year-old bachelor best known by the nickname "Noynoy" and born into one of Asia's most famous families, by Tuesday morning had secured 40% of Monday's presidential vote with 78% of the ballots counted. His father was democracy hero and senator Benigno Aquino Jr., who was killed in 1983 when he returned to the Philippines to challenge the dictatorship of late President Ferdinand Marcos. His mother was President Corazon Aquino, who led the 1986 "People Power" revolt that unseated Mr. Marcos and who died in August.

Mr. Aquino built much of his campaign around restoring the promise of those drama-laden years. He has pledged to hold government officials accountable for their alleged graft in the first few weeks of his administration—a move Mr. Aquino thinks will help clean up the Philippines' reputation and draw more investment to fuel its sluggish economy.
Journal Community

The Philippines' stock market appeared to like the prospect of an Aquino presidency. The benchmark Philippine Stock Exchange Index rallied on Mr. Aquino's growing margin of victory Tuesday to close 3.8% higher at 3,262.93 points. It was also lifted by the fact the Philippines' first-ever automated elections system performed with few serious setbacks, while news of a rescue package for Greece also helped.

Alberto Lim, executive director of Manila-based Makati Business Club lobby group, predicted investment might soon flow into the country now that the elections have passed peacefully and appear to have put a pro-business candidate into the presidency. "Everybody was just waiting until the election's over," he said.

But for Mr. Aquino to achieve his goals, he will need to pick his way through the dense networks of family alliances that dominate Congress and commercial life in the Philippines.

To read full Wall Street Journal story — Go Here Now.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

1Like our page
2Share
Asia
MANILA—Senator Benigno Aquino III edged closer to becoming the next president of the Philippines Tuesday as vote-counting continued from Monday's national elections, bolstering financial markets but also drawing attention to the way the country continues to be dominated by a relatively small grou
aquino,Philippines,vote,presidency
342
2010-01-11
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved