The President revealed that he met recently with US Embassy charge daffaires Mike Milonowski, who assured him Washington will not interfere in the current political crisis in the Philippines.
With Milonowskis assurance, Mr. Estrada said it is immaterial for him whoever wins the American presidency.
Mr. Estrada quoted Milonowski as saying Washington will respect the Philippine Constitution.
In a statement, the Embassy said the US government views the current political dispute in the Philippines as a "purely domestic issue for the Filipino people to decide within their own constitutional system."
"Reports that the US Embassy is attempting to interfere in the political discussion or in any way influence the outcome are irresponsible and completely false," the statement added.
"Mr. Milonowski said our republic is still young and fragile. So we have to stick it out with our Constitution, otherwise, there will be anarchy and chaos in the country," Mr. Estrada said.
He reiterated his warning that the country might become a "banana republic" if he yields to mounting calls for him to step down, saying his successor could also encounter the same problem.
"That is why my resolve (to stay in power) was strengthened and that is my sworn duty," the President said.
"And if the President and Commander-in-Chief violates the Constitution, the military itself will arrest me and make me step down from office," he added.
Mr. Estrada urged the political opposition, including Vice President Gloria Macapagal-Arroyo to adhere to the constitutional processes.
At the same time, Mr. Estrada clarified that Ambassador to Washington Ernesto Maceda returned to Manila merely to report on developments in the US.
Maceda was earlier reported to be recalled to Manila to help the President survive the political crisis gripping his leadership.
Meanwhile, Arroyo admitted that she had met with some foreign diplomats regarding the political turmoil in the country. She did not elaborate. Marichu Villanueva, Liberty Dones