Philippines freezes Estrada bank accounts

The Bureau of Internal Revenue issued an order to a branchof Citibank directing it not to allow any withdrawals from any account held by Estrada, his wife Luisa Ejercito or any accounts in the names of Jose Velarde or Kevin Garcia.

Witnesses at Estrada’s impeachment trial on charges ofcorruption and bribery testified that he had used the names Jose Velarde and Kevin Garcia to set up bank accounts.

The prosecution said accounts in those names were held inCitibank and in Equitable PCI Bank, but the government order only referred to one branch of Citibank.

A copy of the government order was distributed toreporters.

Estrada was stripped of office by the Supreme Court onSaturday as protests mounted following the collapse of the trial.

Newspapers said that Estrada was attempting to withdraw $3million and 100 million pesos (about $2 million) from an account he held at the Citibank branch in the Greenhills suburb of Manila, which is near his private residence.

NO COUP ATTEMPT

Defence Secretary Orlando Mercado said on Tuesday there hadbeen no attempt by Estrada supporters to stage a coup.

But he told local radio that it was important to remainvigilant.

Newspapers have reported plots hatched between senators anddisaffected military officers, fuelled by the memory of the coups that plagued the reign of President Corazon Aquino, swept to office by "people power" 15 years ago.

"There’s no coup," Mercado told local radio, but he added:

"We can’T belittle what we’ve been hearing. We have aresponsible military establishment and counter-intelligence units must check those things out. I am confident enough to say there’s no such threat at the moment."

Arroyo was promoted from the vice-presidency after theSupreme Court stripped Estrada of his title following announcements by the military, the police and most members of the cabinet that they could not serve under him.

The defectors then joined a street protest by hundreds ofthousands of people outraged by the collapse of Estrada’s impeachment trial earlier last week.

"The coup rumours are I think a big psychological activityby whoever is doing it," cabinet executive secretary Renato de Villa said.

Arroyo, in a speech to diplomats on Tuesday, said she hopedto strengthen support for democracy by boosting the freemarket economy.

"My administration will resist the temptation to takeadventurist initiatives and directions for the sake of appearing innovative," she said.

After soaring more than 17 percent on Monday, Philippinestocks came back to earth with a thud on Tuesday, falling nearly three percent. The peso currency was also heading lower.

Estrada has said in letters to the Senate and the House ofRepresentatives that he has only given up office temporarily, raising speculation that he could attempt to re-take the presidency.

Mercado, who was also in Estrada’s cabinet, was retained byArroyo as Defence secretary. Analysts have said Estrada’s downfall was sealed when Mercado and military Chief General Angelo Reyes joined the protesters on Saturday.