MANILA - At the end of the day, it may be all about the money. Senator Francis "Chiz" Escudero was counting on Nationalist People's Coalition (NPC) founder billionaire Eduardo "Danding" Cojuangco Jr. to fund his presidential bid in 2010, but the latter disappointed him."There may be a simple reason there. He [Escudero] has no funds. The party only committed to bankroll only a fraction of his campaign," a member of the NPC, who is privy to the party's plans, told abs-cbnNEWS.com/Newsbreak in a phone interview when sought to comment on Escudero's decision to leave the party. (Read: Escudero leaves NPC)
Escudero supposedly needs at least P2 billion for his presidential bid, but Cojuangco, chairman and CEO of San Miguel Corp. (SMC), only committed P200 million, according to the NPC member. This was confirmed by a separate source privy to Escudero's preparations.
Chiz's father, Sorsogon Rep. Salvador Escudero III, dismissed the claim as mere "speculation," however.
The NPC source said Senator Escudero was also counting on tobacco magnate Lucio Tan, but the businessman couldn't commit, too. Escudero previously admitted that Lucio Tan "helped a little" in his 2007 campaign.
"He was also relying on Lucio Tan, but he is financially in trouble also. Fortune Tobacco was slightly damaged [by Ondoy]," the NPC source said. The Fortune Tobacco factory is located in Marikina, which suffered severe flooding because of the tropical storm.
"Several weeks ago, we already knew the problems. Although the decision to leave was a bit unexpected," the NPC source said.
After three postponements, Escudero was supposed to finally announce his presidential bid on Wednesday. Instead, he surprised party mates when he announced that he had resigned from the party. He has yet to decide on his political plans in 2010.
Speculation?
The older Escudero said his son and Danding could not have decided on campaign funding yet, because Chiz has yet to announce his candidacy.
"It's more than a month before the [deadline for the] filing of certificate of candidacy. But you start campaigning on February 9. Ang pagkakandidato, hindi karera ng kabayo," he told abs-cbnNEWS.com/Newsbreak when asked to verify the claim.
"Haka-haka yan. Ang pagkandidato, di palakihan ng pera. Nung tinanong ako, 'Saan kayo kukuha ng pera?', tumingin ako sa langit. Mas malaking gastos, mas malaking babawiin ng kandidato," he said.
Rep. Escudero said he will support his son, whatever his decision will be.
"Whatever my son decides to do--which, to his thinking, is for the best of the county--as father, I'm always supportive. Iba na talaga ang new generation. The generation in their 30s and 40s, iba na talaga ang diskarte. They are ready to take the risk, as long as they know what they are doing is right," he said.
Asked for comment on the lack of funding commitment from the NPC chair emeritus, NPC secretary-general Rep. Michael John 'Jack' Duavit said: "I know nothing of the sort."
NPC moves on
For his part, NPC spokesman Valenzuela Rep. Rex Gatchalian said: "Let's not speculate...Basta kami, NPC is solid. We remain intact. It's a party to reckon with."
He said Escudero's move will not affect the party's active participation in next year's elections.
"Sen. Escudero’s decision (to leave) does not diminish the fact that we remain in a solid position to actively participate in the elections," Gatchalian said in a statement following the party's emergency meeting on Wednesday.
While they were surprised by Escudero's decision, the NPC will remain solid and united behind other aspirants who will run for different positions under the party’s banner in next year’s polls, he added.
Gatchalian said there will be more party consultations to decide their plans on the presidential race.
He said Senator Loren Legarda, who is running for vice president, will remain with the NPC.
"The party leadership wants to assure its members and supporters that we will remain intact, and every decision that it will make will benefit not only the party, but more importantly, [will be] for the good of the people," he said.
Legarda immediately called Danding's son, Pangasinan Rep. Mark Cojuangco, Wednesday morning to assure him that she'll stay with the NPC.
"Loren said that she will stay with the NPC and she is our vice presidential candidate as she has already previously announced," Cojuangco told House reporters. He was presiding over a House inquiry on Wednesday on the water releases of San Roque dam. -- by Carmela Fonbuena, abs-cbnNEWS.com/Newsbreak
as of 10/28/2009 5:34 PM
Source: http://www.abs-cbnnews.com/nation/10/28/09/lack-funds-danding-prompted-chiz-quit
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