Tuesday July 5, 2011

Philippines' Aquino sells Porsche after support ratings dip

MANILA (Reuters) - Philippine President Benigno Aquino said on Tuesday he has sold a second-hand Porsche he bought last year, which had become a magnet for criticism and cited as one of the factors behind a drop in his popularity.

One opinion poll early this year found nearly half of 1,200 respondents thought his decision to buy the luxury sports car -- albeit a second-hand one he paid for himself -- was misguided in a poor country where food and fuel prices were rising sharply.

Workers parade a mock effigy of Philippine President Benigno Aquino III riding on his Porsche car during the commemoration of the 125th International Labour Day as they demand 125 pesos across the board wage increase to cope with rising food and fuel prices during in Manila May 1, 2011. (REUTERS/Cheryl Ravelo/Files)

"It's no longer in my possession," Aquino told a news conference, saying the sports car was sold for 4.5 million pesos ($104,000), the same price he paid for it last Christmas.

He said he decided to sell the sports car because it was an "unnecessary risk" not only to his personal safety, but to the security personnel tasked to protect him.

"I will be exposed, it was an advertisement that I am here and I will be vulnerable," he added.

"So, it's time to let somebody have the experience."

($1 = 43.1 Philippine Pesos)

(Reporting by Manuel Mogato; Editing by John Mair and Yoko Nishikawa)

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Tuesday July 5, 2011

Philippines' Aquino sells Porsche after support ratings dip