Date: March 2003

Cojuangco's Presidential Bid

Rumors that business tycoon Eduardo "Danding" Cojuangco Jr. is planning to pursue his presidential dream are now striking the headlines with increasing regularity.

Cojuangco, is responsible for taking the San Miguel Brewing Corporation to new heights by diversifying and expanding its operations abroad and buying competitors at the local front. He has recently claimed that he could not turn his back on the country that needs him.

In a recent meeting with politicians from different parties, Cojuangco has been equivocal. He said that at the moment he is observing the political scene and will act when the proper time comes. Whether his tactics in politics would make use of his success in brokering mergers and acquisitions in business is considered a possibility.

This early, at least 50 congressmen from various political camps are reportedly encouraging Cojuangco to run for president. Among the congressmen who attended the latest meeting with Cojuangco was House Speaker Jose de Venecia, a co-chairman of the ruling Lakas-NUCD party. President Gloria Macapagal-Arroyo is the other co-chair.

Cojuangco is also seen to be strengthening his ties with the Filipino-Chinese community in preparation for his political bid. At the same time, a group of businessmen in Tarlac province, where Cojuangco grew up, have started mobilizing support behind the tycoon's candidacy.

Aside from being the chief executive of the country's largest conglomerate, Cojuangco is also the chairman of the Nationalist People's Coalition (NPC), which became the ruling party under the Estrada administration. In 1992, Cojuangco lost to former President Fidel Ramos in the presidential election, but his running mate, Joseph Estrada, won the vice-presidency. In 1998, Estrada won the presidential election and defeated the likes of de Venecia and Raul Roco.

Roco, a former senator and Education secretary, has been topping recent local surveys gauging the popularity of prospective presidential aspirants. In December last year, President Arroyo said she was not joining the presidential race in May 2004 to give way to other candidates.

Following President Arroyo's decision, the administration party has been on the lookout for a new standard bearer in the 2004 presidential poll. It needs a strong contender to field against Roco and the bets of the opposition party.

Among the names that could be the opposition party's standard-bearer are those of Senator Panfilo Lacson and actor Fernando Poe Jr. Poe (to the relief of many) has repeatedly said he is not interested in a presidential bid while Lacson claimed that he would only run for the presidency if Cojuangco did not run. The situation, therefore, rests largely on Cojuangco's decision.

Cojuangco is a noted Filipino industrialist with a global perspective. Although he is not included on Forbes magazine's list of world billionaires, Cojuangco is believed to be the richest man in the Philippines. No one doubts his managerial skills, but his reputation as a business dealer is always clouded by his association with the Marcos regime.

Manila broadsheets often refer to Cojuangco as the "number one crony" of the late dictator Ferdinand Marcos. In 1986, Cojuangco fled the country after a people's revolt forced the Marcos administration out of power. To many, this was an admission of complicity in the excesses of those years.

Controversy still surround him. Until now, the Supreme Court has yet to settle the issue of the so-called Coconut Investment Fund (Cocofund), or the levy imposed by the Marcos government on Filipino coconut workers from 1973 to 1982. The fund was eventually used to establish the United Coconut Planters Bank (UCPB), which owns the majority share in San Miguel.

Despite all of this, economic analysts generally view Cojuangco's entry to the presidential race as a positive development. Cojuangco has investments in China, and his ties to Chinese authorities could help propel economic growth of the Philippines should he become president in 2004. No other presidential aspirant, perhaps, could rival his business foresight.

Should Cojuangco run for president, he may have to compete with Roco and Senator Juan Flavier, who is also openly discussing the merits of a bid at this point. Roco is known for espousing the rights of women and students while Flavier is known for his pro-poor stand and social services advocacy. In 2001, Flavier even filed a bill seeking a legislated wage hike of over P100 daily, something that other senators ignored.

In 2004, it would be a choice of who could bring in economic development that would translate to the improvement in the lives of over 30 million poor Filipinos. In the Philippines, economic growth does not necessarily mean poverty alleviation. The country needs someone who can make sure it does.

 

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