No takers for Mar’s post

So far, nobody wants to assume the post of secretary of trade and industry vacated last week by Manuel Roxas II.

President Estrada had offered the post to at least four prominent businessmen, who politely declined for fear of being ostracized by their peers in the business community, said sources from the business sector.

Growing calls for Mr. Estrada’s ouster — backed by business groups including the Philippine Chamber of Commerce and Industry, the country’s largest business group — have made it awkward for the four to accept the offer, said the sources who requested anonymity.

One of the businessmen offered the job was Margarito Teves, president of the Land Bank of the Philippines, according to one source.

An economist and former congressman, Teves is also the secretary general of the Economic Coordinating Council, a Malacañang economic policy-making body created by the President.

Teves reportedly opted to stay on as Land Bank president, which he assumed months before the jueteng scandal erupted in early October.

Even before Roxas’ appointment as trade secretary, Jose Luis Yulo Jr., former president of the Philippine Stock Exchange, was long expected to assume the post.

But Yulo and Mr. Estrada parted ways on a sour note in the wake of a stock market scandal involving presidential friend Dante Tan.

Tan is now facing charges of insider trading involving his company, Best World Resources, which is listed in the exchange.

Mr. Estrada was dragged into the controversy early this year when Perfecto Yasay, then chairman of the Securities and Exchange Commission, accused him of intervening to clear Tan.

Yulo was one of Mr. Estrada’s campaign advisers in the 1998 elections and later was appointed as one of his economic advisers. However, he had a falling out with Mr. Estrada after the BW scandal.

Asked if he was willing to mend fences with the President if offered the post of trade secretary, Yulo replied, "No way."

Yulo had resigned his position in the Apec Business Advisory Council. In a strongly worded statement explaining his resignation, Yulo said he could no longer continue serving in an administration that had lost its moral authority to lead.

Roxas’ resignation delivered a big blow to Mr. Estrada’s chances of surviving the jueteng scandal — his most serious political crisis — and created a gloomy atmosphere in the Department of Trade and Industry.

Undersecretary Tomas Aquino currently heads the department in a temporary capacity as officer-in-charge.

After Roxas’ departure, Undersecretary Raul Hernandez went on an indefinite leave of absence for "health reasons," leaving the Board of Investments (BOI) without a managing head.

Hernandez was handpicked by Roxas after former BOI head Dakila Fonacier was appointed commissioner of the Bureau of Internal Revenue.

Defections of key Estrada allies in the Cabinet, in the Senate and in the House of Representatives last week fueled speculations that Mr. Estrada would be forced to resign very soon.