The Philippine Senate voted on Tuesday to remove the country's top judge, a landmark victory for President Benigno Aquino that should embolden his campaign to root out institutional corruption and could quicken the pace of economic reforms. Twenty out of 23 senators voted to oust Supreme Court Chief Justice Renato Corona on charges of failing to declare his wealth, making him the first Filipino official to be removed by an impeachment court.
The decision bars the 63-year-old, who accused Aquino of waging a political vendetta against him, permanently from public office. The ruling was welcomed by investors and economists, who have grown concerned the trial was distracting the government from policy matters at a time when the Philippines is seeing a resurgence of interest in its long-underperforming economy.
The impeachment paves the way for Aquino to focus on fiscal reforms and to tackle the prosecution of former President Gloria Macapagal-Arroyo, who is in detention at an army hospital awaiting trial on electoral fraud and corruption charges. Investors and analysts regard the two cases as crucial tests of whether Aquino can take advantage of his high approval ratings to crack down on endemic corruption that has slowed growth and turned off investors for decades. Moody's ratings agency gave a fresh vote of confidence in the country on Tuesday, lifting the rating on its sovereign debt to "positive" from "stable," nudging the Philippines closer to coveted investment grade status.