The senior vice president of Equitable PCI Bank revealed she was ordered to help cover up the fact that the president allegedly controlled a mystery bank account containing millions of dollars. Her role, she said, was to prepare papers secretly transferring ownership of the account to a businessman friend of the president. Ocampo's evidence came three days after terrorists struck in the capital, killing 18 people and wounding at least 75 in five almost-simultaneous bomb attacks Dec. 30. The stock market and peso dived to new lows and businessmen warned of the danger of the Philippines becoming a no-go area for international investors. New Year celebrations, normally among the most unbridled in Asia, were subdued as the country entered ugly and confusing times.
Manila is awash with nasty rumors.
The atmosphere is so poisoned and cynical that the bombings have been blamed on everyone from the government to secessionists to communists, to people who want to destabilize Estrada and those who want to give him an excuse to declare martial law. The ugly revelations during the impeachment only underscored the growing sense that no one is unntainted. Ocampo's evidence to the Senate hearing lifted the lid off what Estrada's rivals say is a political system rotten to the core, with the president at its center. The suggestion is that the nation is in the hands of a cabal of venal establishment figures protecting the head of state in return for riches and power. Violence and intrigue rule the day.