The ruling Lakas party will chose President Gloria Arroyo as the presidential candidate in the May 2004 elections, said Jose de Venecia Jr., the speaker of the House of Representatives, who also revealed that other party members have offered to choose businessman Eduardo Cojuangco as an alternative candidate.

"Right now, there is an overwhelming sentiment for President Arroyo to run. The 400 party members are urging her to do that in the name of national interest," said de Venecia, adding that the Lakas party members have already made their decision in urging Arroyo to run.

"We will make her seek a full six-year term," said de Venecia, adding this will be the biggest argument to be presented to her to make her change her decision on December 30, that she would not seek another presidential term.

Arroyo is finishing Estrada's term until May 2004. She became president in January 2001, after a military-backed street protests by people who were outraged by the abrupt ending of the impeachment trial of former President Joseph Estrada in the senate in December 2000.

The ruling party will also decide on Arroyo's running mate and the 12 senatorial tickets, said de Venecia.

During the October 7 party meeting, members will no longer discuss allegations of Senator Panfilo Lacson that Arroyo's husband Jose Miguel has a secret bank account in the name of Jose Pidal, for alleged money laundering, said sources.

"We have taken this stance because the money laundering issue does not involve the ruling party," explained Congressman Magtanggol Gunigundo.

Gunigundo admitted that members of the administration party have been adversely affected by the controversy.

As a result, Lakas members have decided to working for the strengthening of its alliance with coalition partners, said de Venecia, adding this has resulted with many party members opting to choose Cojuangco, the businessman, as the ruling party's other probable candidate for the presidency in 2004.

Cojuangco founded the Nationalist People's Coalition (NPC), which is now part of the ruling party's Sunshine Coalition, at the House of Representatives.