As the Wall Street Journal reports, Mr. Aquino, a 50 year old bachelor with the nickname “Noynoy” and a member of one of Asia’s most famous families, had already secured forty percent (40%) of the vote with seventy-eight percent (78%) of the ballots counted.
His father was democracy activist 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. She died last August.
Mr. Aquino built much of his campaign around restoring the promise of those 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 boost lost tax revenue.
Warm Reception from the Business Community
In a related development, business groups in the Philippines have started to rally behind the incoming president and other frontrunners in the continuing tally of the poll results. Business leaders, both Filipinos and foreign, have expressed their eagerness to work with the incoming administration.
The country’s much needed economic reforms are now hinged on the quality of the Cabinet appointees and whether the new leaders in Malacañang Palace and Congress would be able to work in harmony for the sake of the Philippine nation, industry leaders said in interviews.
According to the executive director of the Makati Business Club, Aquino’s wide margin is boosting market sentiment and is taking a lot of the uncertainties away. While Aquino was pictured by his political rivals and critics as inexperienced, business leaders now consider such pre-May 10 politicking over. They are now more focused on the people he would be appointing to govern the country.
In the meantime, Robert M. Sears, executive director of the American Chamber of Commerce of the Philippines, said, “We are waiting to see who is on his team. That will set the tone for his government.” His sentiment echoed those of other business leaders.
At this point in time, a strong mandate could prove more valuable than experience for the incoming president, according to the president of the Philippine Exporters Confederation.
Moreover, the new administration would inherit a relatively healthier economy at least in its first year. The new administration will just have to sustain the momentum.
Business leaders are more concerned about how the executive and legislative branches would interact. According to the president of the Employers’ Confederation of the Philippines (ECOP), they’re more concerned that the different branches of government should be working as a team.
In the meantime, reforms, long-sought by the business community, would have to be championed by “a strong executive”. Businessmen would like see lower and more affordable power costs, support for the Arroyo administration’s infrastructure programs, as well as strong initiatives to balance the budget.
Other Candidates Have Conceded
Mr. Villar recently conceded defeat, having secured about 14% of the vote after his support base dropped off amid a series of corruption allegations.
Another candidate, former President Joseph Estrada, fared only slightly better. A former movie icon who was elected in 1998 before being ousted in a corruption scandal three years later, he secured 25% of the vote.
Still, political analysts say that acquiring some level of fame in media or sports is often the only way to break local dynasties in a populist political culture. Several actors have followed Mr. Estrada by parlaying their screen fame into political careers.
The best known and most successful is the pound-for-pound boxer of the world, Manny Pacquiao, who seems to have scored the biggest victory against an entrenched political clan. Mr. Pacquiao is leading the congressional race against a member of the powerful dynasty in his home district of Sarangani, in the southernmost part of the Philippines.
His imminent victory would be a record of sorts. He’ll be the first congressman-boxer in the Philippines and probably in the world.
Boxing fans around the world are now wondering whether the much vaunted Pacquiao vs. Floyd Mayweather, Jr. fight will ever materialize. But if I were in Mayweather’s shoes, I would have to think twice before entering the ring with a Filipino congressman. There could be complications of the political nature. Just a thought…
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