MANILA, Philippines, July 12 (UPI) -- Business leaders in the Philippines have changed their mind about calling for President Gloria Arroyo to resign, after Catholic bishops took a different stance.
Leaders of two influential business groups, the Consumer and Oil Price Watch and the Makati Business Club, modified their positions after the Catholic Bishops Conference of the Philippines called for proper legal action in handling a political scandal involving the president.
The club had called for Arroyo to step down hours after 10 Cabinet ministers resigned Friday.
The business leaders now support an independent fact-finding commission to investigate allegations that Arroyo cheated in last year's presidential election, the Manila Times reported Tuesday.
Opponents of the president still said they hoped to gather 1 million people for a Wednesday protest in Manila's business district.
International ratings agencies Standard & Poor's and Fitch Ratings both downgraded their outlooks for the Philippines from "stable" to "negative" Monday, citing concerns over the government's ability to maintain fiscal reforms and cut debt in the face of the political crisis.
