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Protesters Hold Anti-Arroyo Rally in Manila

Police in Manila say at least 30,000 people have rallied in the city's business district to call for Philippine President Gloria Arroyo's resignation.

Organizers had hoped for a turnout of about 40,000-to-50,000 people Wednesday as a concrete sign of disgust with Mrs. Arroyo, who has been accused of rigging the vote in the May 2004 presidential election.

Mrs. Arroyo has rejected a chorus of calls for her to step down, including a plea from former President Corazon Aquino.

Philippine soldiers and police have been placed on high alert against possible terrorist attacks during the demonstration.

The ongoing political crisis has taken a toll on the Philippine's economy. A third major rating agency (Moody's Investor Service) downgraded its economic outlook to negative earlier Wednesday.

Some information for this report provided by AP, AFP and Reuters.