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Edition: U.S. Article Comments (0) Slideshow Video Save Email Print Reprints Most Popular Most Shared Nuts' anti-cholesterol effects stronger for some 10 May 2010 WRAPUP 8-Gulf oil slick spreads as oil execs face grilling 10 May 2010 Greek crisis gives Asia central banks cause to pause 10 May 2010 FOREX-Euro slips as doubts about rescue package remain 10 May 2010 BP tries a new Gulf spill fix, as slick spreads | Video 10 May 2010 GLOBAL MARKETS-Shares fall, euro dips on doubts over EU plan 2:26am EDT Food-stamp tally nears 40 million, sets record 07 May 2010 What the Kagan pick says about Obama 10 May 2010 U.S. missiles kill at least 14 in Pakistan 3:15am EDT Stocks leap on $1 trillion EU rescue plan | Video 10 May 2010 Nuts' anti-cholesterol effects stronger for some 10 May 2010 Kagan bucks 40-year trend as court pick 10 May 2010 Concert promoters embrace new media for fan services 07 May 2010 Food-stamp tally nears 40 million, sets record 07 May 2010 New Toyota probe begins, LaHood watching company | Video 10 May 2010 UPDATE 1-JPMorgan warns on costs related to US regulation 10 May 2010 Nasdaq adds 12 stocks to list of canceled trades 09 May 2010 Police barred from penis enlargement 23 Apr 2010 Cambodian street-kids spearhead Khmer food revival 15 Jan 2008 U.S. safety agency looking into P&G's new Pampers 05 May 2010 Newsmaker UK's Brown offers to quit to save Labour Britain's Gordon Brown does not give up easily. But on Monday the 59-year old Scot announced he would quit as Labour leader in a bid to give his beloved party at least one more chance of remaining in power after last week's inconclusive election. Full Article Brown exit muddies UK government picture Factbox: British Prime Minister Gordon Brown Philippine election gives Aquino a strong platform John Mair MANILA Tue May 11, 2010 12:36am EDT Factbox Factbox: Philippines' Aquino's policy plans 12:36am EDT Related News Analyst view: Aquino has big lead in Philippine election Mon, May 10 2010 Related Video Filipinos vote for new president Mon, May 10 2010 < 1 / 17 > View Full Size MANILA (Reuters) - Benigno "Noynoy" Aquino was cruising to victory as counting continued in the Philippines presidential election on Tuesday, leaving him to prove he has the strength to push his reform agenda, fight corruption and cut a large budget deficit. World The country's first automated election ran far better than many had expected -- particularly after a technical problem last week -- and the quick and clear result allowed investors to bypass fears of prolonged political instability. Local markets opened stronger on their return from a holiday, with the peso and stocks rising sharply on Aquino's strong lead, adding to the boost from the Euro zone rescue package that has lifted global markets and investor sentiment. "A strong mandate will bring policy continuity which is what people want to see. The last thing they want to see is always uncertainty as we've seen in Britain," said Song Seng Wun, regional economist at CIMB Research in Singapore. "The popular support hopefully will translate into confidence in the economy." The Commission on Elections said that as of 6:15 a.m. (6:15 p.m. ET Monday), Aquino had 40.2 percent of votes with 78.55 percent counted. Former president Joseph Estrada was in second place with 25.5 percent of votes. Aquino had 12.3 million votes to Estrada's 7.8 million, with 30.4 million votes counted. Comelec has said there was turnout of about 75 percent of 50.7 million registered voters, which meant around 7.6 million votes were still to be counted. Senator Manuel Villar, in third place, conceded on Tuesday and congratulated Aquino on his victory. PARENTS' LEGACY There are questions as to whether Aquino, who has had a lackluster career as a lawmaker, has the ability to deliver on his reform and anti-corruption promises, and also tame a budget deficit that analysts expect to exceed 300 billion pesos this year. "Tackling the deficit would be the number one priority for the next government," said Paul Joseph Garcia, chief investment officer of ING Investment Management Philippines. "We're not in a Greece-type level of fiscal crisis, but definitely the fiscal deficit is a priority for the next administration. They may have to increase taxes, that will of course need a lot of political will." The source of Aquino's popularity was largely his parents' legacy, rather than his own achievements, with his anti-corruption platform benefitting from the goodwill generated by the family name and its reputation for propriety. His father Benigno was an opposition leader assassinated in 1983 during the reign of Ferdinand Marcos, and his mother Cory took up the mantle and won office during the People Power revolution that drove Marcos from power. Her death last August powered an emotion-driven push for Noynoy to run. "Aquino will have to prove that his short political resume will not prevent him from effective policymaking, as he tries to manage the inevitable competing interests," Roberto Herrera-Lim, Asia director for the Eurasia Group, said in a report. Among those competing interests will be the family of the late dictator -- Marcos's widow Imelda won a seat in Congress, daughter Imee won a local governor's position, and son Ferdinand Jr was on track to be elected one of 12 senators -- and outgoing president Gloria Macapagal Arroyo. Arroyo, who was ineligible to run for president again, won a seat in Congress in the election. Analysts and opponents think she wants to become Speaker of the House, from where she could push for the introduction of a parliamentary system to create the role of prime minister and reduce the power of the president. While unpopular with the electorate, she has a strong political base that helped keep her in power for nearly a decade despite accusations of electoral fraud, corruption and rights abuses -- which Aquino has said his government will investigate. (Editing by David Fox) World Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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