It took more than six years to try former Philippine President Joseph Estrada for plunder. It took barely six weeks for current President Gloria Macapagal Arroyo to pardon him after his conviction. While that's her prerogative, the signal it sends about the battle on corruption in Manila isn't encouraging.

Mr. Estrada was charged in 2001 with enriching himself to the tune of $93 million through various schemes such as kickbacks from an illegal gambling operation while he was president from 1998 to 2001. The verdict handed down in September by Manila's special anti-corruption court stretched to 183 pages. The judges found Mr. Estrada guilty of most, although not all, of the counts laid against him and sentenced him to 40 years in jail, effectively a life term for the 70-year-old.

Ms. Arroyo has stated publicly that the pardon falls under her administration's policy of releasing septuagenarian inmates, and that it will aid national reconciliation. Mr. Estrada has agreed not to seek elected office. The subtext, many Filipinos believe, is that Ms. Arroyo pardoned Mr. Estrada in exchange for his agreement to drop his appeal, and because his supporters constitute a vocal opposition to the Arroyo administration, which itself has faced a clutch of corruption allegations and at least two impeachment attempts.

The pardon shouldn't minimize the importance of the trial and verdict, which marked important firsts for the Philippines. Not even former president Fernando Marcos was ever tried at home. Despite the political currents swirling around the proceedings, that the trial happened at all is an important step for the country.

But the Philippines still has a long way to go in its fight against corruption, and its slow progress carries economic consequences. Ms. Arroyo trumpets 7% GDP growth in the first half of this year, but an 18% increase in remittances over the same period accounts for much of that figure. Hard-working, entrepreneurial Filipinos are still fed up with the lack of opportunities at home and are heading abroad.

Corruption isn't the only economic issue the Philippines faces, but it's a big one. In the wake of the Estrada pardon, Filipinos are left wondering when they'll find a politician brave enough to tackle it.

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