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It’s final! Senator Francis “Chiz” Escudero will not be throwing his hat into the presidential ring, saying that “now is not the time to run for the presidency,” as he announced on Tuesday that he will not be participating in the May 2010 elections except to vote. He made the announcement to his supporters and members of the media at the Club Filipino in Greenhills, saying “I’m not running for any position.”

To the question about which presidential and vice presidential candidate, he replied “I have not yet decided whom to support yet.” He eluded questions on whether he plans to join other parties anytime soon.

The 40-year old senator earlier had another press briefing wherein he announced his resignation from the Nationalist People’s Coalition (NPC), raising speculations that he might run for president as independent.

The opposition circles, although caught by surprise, welcomed Escudero’s announcement.  United Opposition (UNO) president and Makati Mayor Jejomar Binay said he admires Escudero for being someone who stands by his principles.

“No one can question his principles. Chiz was with us in the opposition when most of the political personalities who now claim to be with the opposition were either with the present administration or were conveniently silent on major issues,” Binay said.

“He stands by what he believes is right, even if it means breaking away from his political party, or abandoning the pursuit of a higher calling. Chiz Escudero points the way to the new brand of politics needed by the country,” he added.

For her part, Nationalist Party (NP) vice presidential bet Senator Loren Legarda said she also welcome Escudero’s decision, “I respect and welcome the decision of Sen. Escudero and hope that he can also help me in fighting poverty, hunger and climate change.”