Álvaro's popularity was left unscathed, and on 20 September 2002 all polling companies with the exception of one predicted that Noboa would have become President of Ecuador if the elections had been held on that day.

On this last presidential campaign, the second one in his political career, he lost with a small percentage to Coronel Lucio Gutierrez.

The man who instituted public service with the use of his own funds has kept his "Medical Brigades" in a ceaseless relief effort since 1998 thus proving sincerity behind social-minded convictions.

For a third time, Álvaro Noboa ran for president representing the PRIAN political party, registering his candidacy in the supreme electoral tribunal on 15 August 2006.

With a liberal democratic and social justice platform, openness to foreign investment an ambitious housing plan, which as a whole, would multiply employment with an emphasis on the quality of health and education, Álvaro Noboa won the first electoral round in November 2006 and turned his party, the PRIAN, into the leading electoral presence in the country.

On 2 May 2012, Noboa publicly announced that he would be running for a fifth time to become the President of Ecuador in the upcoming 2013 Ecuadorian Presidential Elections.