President Gloria Macapagal Arroyo declared emergency rule in the Philippines on Friday after the military said it foiled a coup attempt, but analysts criticised the move as unwarranted and potentially damaging to the economy.Talk of plots against Arroyo, who survived a crisis last year over allegations of vote-rigging and corruption, has been running high around this week’s anniversary of the 1986 ‘‘people power’’ revolt that overthrew dictator Ferdinand Marcos.‘‘While we may have nipped it in the bud, there is still clear and present danger,’’ chief of staff Michael Defensor said. He said eight to 10 politicians and military officers were believed to be behind the plot but did not identify them.Security force sources said the alleged financiers and plotters include deposed president Joseph Estrada, former Colonel and Senator Gregorio Honasan, former budget secretary Salvador Enriquez, a former nun and five retired officers. —Reuters
