A senior Cabinet member said today the events that triggered the proclamation of a State of National Emergency, not Proclamation 1017 itself, is affecting the conduct of business in the country.

Energy Secretary Raphael Lotilla told a press conference in Malacaņang this morning that the business community now fully understands the rationale behind the issuance by President Gloria Macapagal-Arroyo of Proclamation 1017.

The President declared a State of National Emergency last Friday to preempt what she branded as a conspiracy among the political opposition, communist rebels and military adventurists to bring down her administration.

"The business community is fully aware that the basis for presidential Proclamation 1017 is a real, clear and present danger," Lotilla said.

Lotilla also allayed fears fanned by administration critics that the government would close or take over private business enterprises.

"We made it absolutely clear that we are not out to impede, but rather protect and secure the conduct of business," he pointed out.

The energy chief clarified that if ever, the government would take over the operations of a business or privately owned public utility to ensure that the public would have unimpeded access to these facilities.

Lotilla also said that the government’s economic managers agree that the administration should continue to move forward with the task of improving the security environment.

He also said the economy, which suffered a slight setback as a result of last week’s destabilization moves, would "exhibit a correction because of country’s strong (economic) fundamentals" and the hard work being exerted by the President and her economic team.

He said the peso improved this morning, closing at P52.11 to a $1 from last Friday’s P52.20 to $1.

President Gloria Macapagal Arroyo vowed today that her administration will "work triple time" to fight poverty, sustain the momentum of the country’s economy and avoid a fallout on the economy from the latest attempt to overthrow the government.

She expressed satisfaction that economic indicators remained unshaken by what Malacanang branded as a conspiracy among the political opposition, communist rebels and military adventurists to bring down her administration.

"Thank God, the stock market gained today to close more than 19 points, and the peso strengthened, gaining 14 centavos" against the dollar, the President said during a roundtable discussion with Defense Secretary Avelino Cruz and members of her economic team – Finance Secretary Margarito Teves and Trade and Industry Secretary Peter Favila.

She said the government will pour investments into infrastructure and education even as it steps up tax collection to fund development programs.

"Now government will work triple time to sustain the economic momentum and avoid an economic fallout," she said.

In today’s trading, the Philippine Stock Exchange (PSE) index advanced 19.43 points to close at 2,089.36 compared to Friday’s close at 2,069.93.

The peso strengthened against the dollar during midday trading today, gaining 14 centavos against the dollar. The peso closed last Friday at P52.20 to $1.

The Chief Executive explained that she proclaimed a State of National Emergency Friday morning to protect the P120 billion business activity in the country and avoid what happened in the aftermath of the 1989 coup against then President Corazon Aquino when the country plunged into an economic recession.

She said the improvement today of the economic indicators could be attributed to the peaceful resolution of the Marines standoff yesterday.

But she added that it is not yet time for Filipinos cheer as "the only meaningful success is to be successful in fighting poverty."

The Philippine National Police (PNP) filed today rebellion/insurrection charges against 51 top leaders of the Communist Party of the Philippines (CPP) and other personalities, including four party-list representatives, allegedly involved in the attempt to overthrow President Gloria Macapagal-Arroyo.

Charged for violation of Article 134 in relation to Article 135 of the Revised Penal Code (rebellion/insurrection) were:

Jose Maria Sison, aka Joma; Luis Jalandoni, spouses Benito and Wilma Tiamzon, Rafael Mariano, party-list Representatives Satur Ocampo y Cunanan, Crispin Beltran, Teodoro Casino and Liza Maza;

CPP-NPA spokesman Gregorio "Ka Roger" Rosal, Joel Virador of Bayan Muna; Tirso Alcantara, Benjamin Mendoza, Vic Ladlad, Bayan secretary general Nathaniel Santiago, Sotero Llamas, Julio Atienza, Edilberto Escudero, Rosemarie Domanais, Rogelio Villanueva, Leo Velasco;

Rafael Baylosis, Prudencio Calubid, Philip Limjoco, Julius Giron, Allan Jasminez, Antonio Cabanatan, Fidel Agcaoili, Edilberto Silva, Maria Concepcion Araneta Bocala, Jorge Madlos, Eugenia M. Topacio, Francisco Fernandez, Carlos Borjal, Elizabeth Principe, Juliet Sison;

Randal Enchaniz, Rey Claro Casandre, Edwin Alcid, Tita Lubi, Abdias Guadiana, Mike Gamara, alias Ka Selbio, alias Kim, alias Tasio, alias Randy, alias Rosa/Sisa/Isid, alias Novo, alias Elya, alias Rose, and several other John and Jane Does.

The charges were filed by the PNP-Criminal Investigation and Detection Group (PNP-CIDG) before the Department of Justice (DOJ).

Chief State Prosecutor Jovencito Zuno announced the filing of the charges at a press briefing in Malacanang this afternoon.

He said that investigation conducted by the PNP-CIDG and the National Bureau of Investigation (NBI) showed that the accused participated in the attempt to overthrow the President.

He said the cases against the accused will be assigned to a panel of prosecutors for preliminary investigation.

"We will go through the normal process of preliminary investigation. We will give them time to submit their counter affidavit. The case is not bailable," Zuno said.

If found guilty of rebellion/insurrection, the accused will face death penalty under the new provisions of the Revised Penal Code, Zuno said.

He said that investigation showed that Sison, in conspiracy with the other accused, had drawn up a three-year plan (2003-2005) to step up the CPP’s rebellion or so-called people’s war and "make all around advances in the revolution."

Malacanang described today as an act of bravado the temerity of suspected coup plotters to invite a correspondent of an international newsmagazine to their meeting to discuss plans to bring down the government of President Gloria Macapagal-Arroyo.

Press Secretary Ignacio R. Bunye said in a radio interview that based on the account of Time Magazine correspondent Nely Sindayen, civilian figures led by long-time government critic, Pastor ‘Boy’ Saycon, met at the residence of former Congressman Jose "Peping" Cojuangco last Friday and made two calls—one to a Scout Ranger general and the other to a supposedly Washington official – in the presence of the reporter.

The leaders of the conspiracy against the President were so confident that they would succeed in taking over the government by last Saturday (Feb. 25) that they even regaled a correspondent of an international newsmagazine with their anti-government plot, Bunye said.

"What is important here is that they made two calls using the speakerphone in the presence of the Time Magazine reporter. We consider this as an act of bravado, as if they were so confident that they can really effect a change in the government by Feb. 25," using as cover for their plot the celebration of the 20^th anniversary of EDSA 1, he said in the vernacular.

Bunye was detailing the chronology of events that led to President Arroyo’s declaration of a State of National Emergency last Friday.

The declaration came on the heels of the President’s announcement on national television that the government had crushed a coup attempt by some military officers, among them Brig. General Danilo Lim, commander of the elite Scout Rangers.

Lim was the same officer that Saycon and the other coup ringleaders allegedly called during the meeting at Cojuangco’s residence. Saycon addressed the officer as "Delta." He was later identified by Saycon as Lim.

As others listened, according to the Time reporter, Saycon spoke using the speakerphone to a person he identified as an American official in Washington, "assuring him that the post-coup regime would still be friendly to the US."

More than a dozen middle-level officials and businessmen were at the meeting which allegedly lasted past 1 a.m. of Feb. 24, according to the Time article.

Sindayen quoted Saycon as saying that a military component was to march on Friday morning (Feb. 25) to the EDSA Shrine in Manila where the 20^th anniversary of the People Power Revolution was to be celebrated.