The Philippine congress took a major step yesterday toward putting President Joseph Estrada on trial on bribery charges as the embattled leader denied seeking a deal to allow him a graceful exit from office.
Twenty-nine months after scoring the biggest victory in a free presidential election in the country, the former movie star faced the almost certain prospect of becoming the first Philippine head of state to be impeached.
Mr Estrada received a further blow when former president Mr Fidel Ramos humiliated him during an emergency meeting of the National Security Council by openly telling him to change his "extravagant lifestyle" or resign before Christmas.
In an unprecedented move, the justice committee of the House of Representatives voted to transmit to the full house a formal impeachment resolution seeking Mr Estrada's removal from office on bribery and corruption charges.
The resolution was endorsed by 99 legislators, well in excess of the required 73 votes for the case to be brought to the senate for trial, which could start later this month.
Mr Estrada has denied accusations he took millions of dollars from syndicates running an illegal numbers game, rejected calls for his resignation and vowed to clear his name in a senate trial.
Yesterday he denied reports he was seeking a deal with his possible successor, Vice-President Gloria Macapagal Arroyo, that would allow him to leave office with honour.
"I am not negotiating for any deals and have no intention of doing so to avoid confronting the accusations against me," he said in a statement. "I put my trust in the constitutional process to vindicate my innocence."
At the security meeting attended by the cabinet and some senate leaders, ex-President Ramos told Mr Estrada to mend his ways.
"President Estrada should first reform himself, changing his extravagant lifestyle and his unfocused work ethic," Mr Ramos said, in reference to Mr Estrada's reputation as a womaniser and heavy drinker.
Mr Ramos, in a speech released by the presidential palace, urged Mr Estrada to answer "allegations of his involvement in corruption, cronyism, jueteng (the underground lottery) and his unexplained wealth.
"If you cannot do so before mid-December, then resign."
The country's financial markets, invigorated by hopes Mr Estrada might soon resign, surged dramatically. Manila stocks soared 212 points, or 16.48 per cent, to end just above 1,500, their biggest one-day gain ever in both percentage and point terms.
The peso rebounded after posting historic lows last week and moved to just a whisker above 48 to the dollar, against a close of 51 last Tuesday, its last trading day.