Roxas, his vice presidential nominee, narrowly lost to Estrada's running mate, Makati Mayor Jejomar Binay.

[6] In September 2009, the Liberal Party held numerous press conferences in relation to the 2010 elections at the Club Filipino in Greenhills, San Juan City, the site of the presidential inauguration of Aquino's mother in February 1986.

[33] The slate was dubbed "SLAMAT LORRRD" as an acronym for each candidates, present during the motorcade were S for Sonia Roco, L for ex-mutineer Danny Lim, A for Neric Acosta, M for Martin Bautista, A for Alex Lacson, T for TG Guingona, L for Yasmin Busman-Lao, O for Senator and 1998 Liberal Vice Presidential nominee Serge Osmeña, R for Muntinlupa Mayor Ruffy Biazon, R for former Senator and cabinet member Ralph Recto, R for Akbayan Representative Risa Hontiveros, and D for LP president Senator Franklin Drilon.

[36] During the 90-day election campaign period from February 9–May 8, 2010,[37] fake psychiatric reports on Aquino's mental health began circulating.

[38] According to Aquino, his camp had received information that the first fake psychiatric report on his mental state that was circulated on the Internet came from the wife of Guido Delgado, a supporter of the Nacionalista Party.

[38][39] The psychiatric report was presented in a restaurant in Quezon City, during a press conference held by Guido Delgado, a supporter of the Nacionalista Party and former president of the National Power Corporation (NAPOCOR).

[38][39] The psychiatric report was supposedly signed by Father Jaime C. Bulatao, S.J., PhD, a Jesuit priest, a professor of Psychology and a clinical psychologist at the Ateneo de Manila University, taken when Aquino was finishing his bachelor's degree in economics at the Ateneo de Manila University in 1979, showed that Aquino suffered from depression and melancholia,[39] however, Father Bulatao had denied writing or signing the psychiatric report.

[38] The psychiatric report was supposedly signed by Father Carmelo A. Caluag II, S.J, a Jesuit priest at the Ateneo de Manila University.