BUSINESSWEEK ONLINE : FEBRUARY 5, 2001 ISSUE
INTERNATIONAL -- ASIAN COVER STORY ONLINE EXTRA: Jaime Ayala: "Things Could Move Very Fast" One of the Philippines' most important execs talks about deposing former President Estrada and his hopes for Arroyo's administration Jaime Augosto Zobel de Ayala is chief executive officer of Ayala Corp. and head of one of the Philippines' most powerful business groups. Long unhappy with the administration of disgraced former President Joseph Estrada, Ayala joined the street demonstrations against Estrada that began in November. Drafted onto a presidential economic advisory council last February, Ayala resigned in protest on Oct. 31, just as impeachment proceedings were about to begin. "It was increasingly clear that [the country required] a political solution, not an economic one." The patrician Harvard Business School MBA even started growing what he dubbed his "protest beard" at Christmas, promising to shave only after Estrada stepped down. On Jan. 21, a day after Estrada ignominiously fled Malacanang Palace, Ayala did just that. He spoke to BusinessWeek's Asia Regional Editor Mark L. Clifford in his Manila office on Jan. 22. Edited excerpts from their conversation follow: On the contention that the removal of Estrada was at heart an elite campaign led by the business community: This was a movement [driven by] the educated side of the Philippines. For six months, there had been a broad coming together of civil society and the business community, working together, [because they were] concerned about the movement backwards the country was taking. The country was moving backwards to the Philippines of two decades ago, to a more patronage-driven society. [The movement reflected] differences between a growing educated segment of the populace and the uneducated. [Educated people] were looking at a Philippines that was increasingly aghast at becoming a disappearing factor on the world stage. On the role of the military in ousting Estrada: The military came in at the last minute and had a supportive role rather than an overarching role. It helped a transition that was already under way. On the difficulties that new President Gloria Macapagal Arroyo will have in meeting the expectations of the diverse coalition that brought her to power: It's not often that you get business, civil society, and academics sitting together at the same table. The thing is how to use the momentum, that unity to move forward. I see [the diverse backing Arroyo has] as a positive. She has them at the table. President Arroyo has a social-development background. She is a strong supporter of civil society, and will see that [poverty and social] issues are addressed. On the question of filing corruption charges against former President Estrada: There is a sense of people wanting justice to be done -- constructively done, but not a witch hunt. There is concern that the rule of law be implemented -- otherwise, what is to prevent this [sort of corruption] from happening again? -- but handled with dignity and grace. The rule of law has to play a more important part in this country. [Corruption charges in the wake of Ferdinand Marcos's overthrow in 1986 were not resolved.] Perhaps that more lenient position has come back to haunt us. On President Arroyo's promise and the challenges that face her: It's about building confidence. People want to be able to hope again. It's about rebuilding institutions. There is so much that needs to be done. She is quite businesslike. She has a broad set of experiences. The times demand a seriousness and rigor to the job. [President Arroyo] is used to running things. She is always very clear and businesslike. She is a person who gets things done. A blueprint [for the country's development] will in and of itself be a major step forward. Things could move very fast. The entrepreneurial class of this country is just dying to run at breakneck speed. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ BACK TO TOP					RELATED ITEMS Not a Moment Too Soon (int'l edition) COVER IMAGE: Manila's Great Hope CHART: Estrada's Legacy: A Ruined Currency CHART: The Philippines' Dysfunctional Economy ONLINE EXTRA: Jaime Ayala: "Things Could Move Very Fast" INTERACT E-Mail to Business Week Online

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