Villar concedes defeat in Philippine presidential election

Philippine Nacionalista Party standard bearer Manuel Villar Jr. conceded on Tuesday morning to Benigno Aquino III, Liberal Party's presidential candidate, after partial results showed Aquino leading the race.

"It was a fight well fought. My fellowmen, the Filipino people have already decided. It's now clear that despite our efforts, we were not blessed to win on Monday's elections," Villar said in a news conference in Metro Manila.

"I congratulate Senator Noynoy Aquino on his victory. The challenges he and our country faces are enormous and we should all work together," Villar added.

Aquino is leading the presidential race with 12.3 million votes followed by former Philippine president Joseph Estrada who garnered 7.75 million votes as of 6:15 a.m., the unofficial canvass of Philippines' Commission on Elections showed.

Villar was far third with 4.33 million votes.

The businessman-turned-politician said he was saddened by all the black propaganda hurled against him and expressed hope that he would be given the chance to clean his name.

Villar has been accused of using his political influences to forward his own business interest.

Source: Xinhua