Philippines' Estrada gets life

By Manny Mogato

MANILA (Reuters) - Former Philippine President Joseph Estrada was sentenced to life in prison on Wednesday after an anti-graft court found him guilty of plunder and barred him from holding public office again.

The 70-year-old movie star, who was ousted from power in an army-backed revolt in 2001, remained defiant after sentencing.

"I thought the role of justice would prevail here but really it's a kangaroo court," Estrada, wearing a traditional Filipino dress shirt and his trademark wristband, told reporters.

He will not be sent to prison immediately. The court has allowed him to return to his villa, east of Manila, until further orders.

Outside the courthouse around 300 supporters waved banners and made anti-government speeches but remained peaceful.

The crowd was far smaller than the thousands predicted and riot police sent to guard against them snacked and chatted in the morning rain. Some sat down, their shields by their sides.

Analysts and oppositions groups said the show of force was an overreaction by a government fearful of a repeat of 2001, when pro-Estrada mobs tried to storm the presidential palace.

President Gloria Macapagal Arroyo, who was Estrada's vice-president and was propelled to power on the strength of the charges against him, said the court's decision must be accepted.

"We hope and pray that the rule of law will prevail," her spokesman said in a statement.

Investors were relieved that the verdict was out and the reaction muted.

"It seems like there was no violent reaction so far so that is why investors are taking advantage of the bargain prices in the market," said Astro del Castillo, director of the Association of Securities Analysts of the Philippines.

"This is one thorn off our back."

The peso strengthened to 46.80 against the dollar from its close of 47.12 on Tuesday. It had fallen more than 1 percent earlier in the week amid uncertainty over the judgment.

The stock exchange was up 1.37 percent.

"VICTORS' JUSTICE"