MANILA, 25 July 2003 — President Gloria Macapagal Arroyo yesterday sought to quell rumors of a coup plot by disgruntled military officers as Philippine shares ended lower, hampered by a weak peso and coup jitters. “We call on the public to remain calm amid these rumors of destabilization,” Arroyo said in a speech to members of an elite army unit in Bulacan province. Arroyo also engaged in one-to-one talks with officers to seek their support for her government.
Rumors that a military clique was plotting to overthrow the government sent the peso down to a four-month low against the dollar on Wednesday, when it closed local trading at 54.025 to the greenback.
It lost more ground in early trade yesterday, falling to 54.23 pesos. But after Arroyo and the central bank reassured the market, the unit rallied to close at 53.95.
Arroyo’s predecessor and rival Joseph Estrada yesterday seized on the tense atmosphere to warn the incumbent that she faced a popular revolt because she had illegally snatched the presidency from him.
“Our people know the true state of the nation and I am convinced that they will soon rise to expose and repudiate those who have robbed them of their will to elect their leader,” said Estrada, who is on trial for corruption.
