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Estrada refuses to resign due to gambling scandal

Tuesday, Oct. 31, 2000 | 11:17 a.m.

THE ASSOCIATED PRESS

MANILA, Philippines -- Opposition leaders on Tuesday turned down an offer by President Joseph Estrada to let them participate in his government in a bid to defuse a corruption scandal that is threatening to force him out of office.

Estrada's spokesman Ricardo Puno said the president will not resign despite the rebuff.

Vice President Gloria Macapagal Arroyo, who heads an opposition coalition, turned down Estrada's offer that she head a powerful Cabinet economic policy group.

The Philippine economy has been badly battered by allegations that Estrada received millions of dollars in payoffs from illegal gambling operators and tobacco taxes. Estrada has denied the charges.

The peso fell to a new record low against the dollar Tuesday, while the stock market is trading at two-year lows.

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