MANILA, Philippines -- (UPDATE 3) His voice cracking in front of the TV cameras, an emotional former Public Works Secretary Hermogenes Ebdane Jr. withdrew from the presidential race, on Sunday, citing the lack of funds to mount a nationwide campaign.

Speaking at the University of the Philippines in Diliman, Quezon City, a teary-eyed Ebdane also hinted that some people who had promised to support him failed to fulfill their word.

?I have decided. I will not run for the Presidency?Much as I wanted to serve and get the job done, the realities of a presidential electoral contest have forced me to reassess my bid,? Ebdane told hundreds of his supporters who had gathered at the Bahay ng Alumni in UP Diliman.

The former Philippine National Police (PNP) chief was expected to announce his running mate but instead revealed that he was bowing out of the presidential race.

?I realized that I cannot wage a decent presidential campaign without sufficient funds. Ugly as it may sound, lack of funds can unmake a viable presidential run,? Ebdane said.

?After much reflection, I have decided to formally end my presidential bid. I have come to this decision to spare my friends, supporters and my family from the agony and burden of joining a fight which we cannot win,? he added.

Ebdane declined to answer when asked if he were running for another post and instead vowed to help build up his political party---the Workers and Peasants Party---which is fielding candidates for local posts.

?I thank you for your unwavering support and fidelity to our cause. But as a retired general, I cannot allow anyone to become a sacrificial lamb in a battle where the certainty of victory has become nil,? Ebdane said.

He said ?many things had happened in less than a month? or since he formally announced his candidacy on November 8 at the Manila Hotel.

?My survival training dictates that I assess the situation, take stock of my options and make a decision. Given the sudden changes and swift developments that have altered my own political options, my training tells me that this is the right time for this public servant to bow out,? he said.

?I cannot, in conscience, continue to let my supporters work so hard when the conditions have changed, and the electoral environment has turned inhospitable to issue-oriented candidates like me,? he added.

Ebdane said he had learned many lessons---?both hard and good?--from his short-lived foray into electoral politics.

?Isa na rito ang katotohanan na ang pangako ay napapako. At yung nag-uudyok, pwede ring umatras (One of these is the truth that promises can be broken. And those who egg you on can back out),? he said.

A source within Ebdane?s campaign said the retired general was also disappointed that former President Fidel V. Ramos did not endorse him last week.

Both Ebdane and his campaign manager?Ramos?s former Executive Secretary Ruben Torres---had gone to Ramos? book-launching last week at the Manila Hotel. Ramos said he would endorse his chosen candidate in March.

Speaking to reporters yesterday, Torres denied that Ebdane withdrew because Ramos did not endorse him.

?No. No. FVR said he will endorse in March. We were there in Manila Hotel and we were talking for an hour. He said in March, you will know whom will I support,? Torres said.

Torres added that Ebdane made his decision to withdraw only on Saturday night after the former public works secretary talked to his family.

?I think he assessed the situation. He started late in the game? the others are ahead. He does not have the resources,? he said.

?Last (Saturday) night, he decided after consulting his family and our leaders, who all advised him (that) it?s all (his) decision?if you feel we will not last?,? he added.

Torres said the Workers and Peasants Party was still deciding whom to support in the 2010 presidential race but added that it was fielding local candidates and might even ?adopt? senatorial candidates.

?Our party will have a convention on January and we?ll still put up local candidates: mayors, governors, congressman,? Torres said.

?This will be the litmus test for the party. The party will help them in their local campaign. We?ll have to adopt some senators,? he added.

Ebdane said that he was determined to ?build up? his political party and thanked all of those who supported him.

?It has been a privilege to have served you and our country for the last 43 years. Finally, I can take my vacation and finally spend Christmas with my family,? he said.

?After 43 good years, my service in government has come to an end, and this local boy is coming home,? added the Zambales native.