The Philippine Congress proclaimed Wednesday Senator Benigno Aquino III the country's 15th President.

The Liberal Party standard bearer, who promised to root out poverty by fighting corruption, garnered over 15.2 milion votes in the May 10 national elections, 5.7 million votes more than his closest rival, deposed President Joseph Estrada.

Aquino, 50, was proclaimed president by Senate President Juan Ponce Enrile and House Speaker Prospero Nograles Wednesday afternoon, or eight days after the Congress, sitting as the national board of canvassers, finished counting the electronically- generated certificates of canvass.

Makati city Mayor Jejomar Binay, who ran as vice president under the Pwersa ng Masang Pilipino (Force of the Filipino Masses) party, was likewise proclaimed the winner at the recently- concluded polls. Binay garnered 14.6 million votes.

Aquino entered the session hall amid cheers and chants of supporters wearing yellow t-shirts. Yellow is Aquino's campaign color.

Aquino wore a Barong Tagalog, a formal Filipino garment, embroidered with his trademark ribbon. He came with sisters Kris Aquino-Yap, Pinky Aquino-Abellada, Balsy Aquino-Cruz, Viel Aquino- Dee, and their families. Shalani Soledad, councilor at the city of Valenzuela and Aquino's girl friend, was also there to witness the event.

In a press conference held shortly after the proclamation, Aquino said that while he's happy to be proclaimed president, such happiness is also tinged with anxiety, given the many challenges that he had to address as president of this developing Southeast Asian country.

Indeed, as analysts noted, Aquino is facing several problems that he need to act in the next six years as president. This includes a high poverty incidence level, corruption and the insurgency.

Aquino said that identifying each of the country's problems will top his agenda once he formally assumed his post July 1.

"I will first conduct an inventory of the problem that (the country) is confronting, " Aquino said in a press briefing held shortly after the Congress proclaimed him as the country's next President.

"The wrong identification of the problem leads to wrong solutions," he stressed.

Aquino said that his first order to his Cabinet is to identify the specific issues and challenges that each department faces.

He said he's still in the process of choosing who will comprise his cabinet. Although in previous interviews with the media, Aquino has identified personal counsel Paquito Ochoa to be his Executive Secretary; Corazon Soliman as Social Welfare Secretary and Teresita Deles as presidential adviser on the peace process.

Aquino said that he "will focus on doing the best that we can for the majority of the people."

Aquino is the only son of the late Senator Benigno Aquino Jr. and the former Philippine President Corazon Aquino. Both his parents were recognized as icons of democracy, credited for leading the opposition movement against the late strongman Ferdinand Marcos.

Aquino has a degree in economics from the Ateneo de Manila University. He was elected to the House of Representatives in 1998, where he served for three terms. He was elected to the Senate in 2007.