Following marathon negotiations, some 300 rebel troops agreed to abandon the building in the Makati financial district they had wired with explosives just before midnight Sunday and return to their barracks to face justice.

Business in Makati, which hosts the country's top corporations and the stock market, was back to normal Monday but analysts warned the military uprising could impact on investor confidence.

Among those to be investigated is opposition Senator Gregorio Honasan, a former army colonel who led seven bloody coup attempts in the 1980s, Interior Secretary Jose Lina said.

"His involvement is as clear as day," Lina told local radio. "We are just gathering more evidence, and we will file (rebellion) charges against Senator Honasan."

While the soldiers have some legitimate grievances relating to corruption in the military, Lina said it appeared there was a "civilian component" that helped carry out the uprising.

Lina said initial investigations revealed the rebels' plan was to encourage civilians to gather at the building where they were holed up in hopes of causing a larger uprising to force President Gloria Arroyo's resignation.

"These 296 soldiers did not act by themselves alone," Lina said. "There is a political angle here because they were demanding the resignation of President Gloria Arroyo. What can be more political than that?"

The rebels called for Arroyo and Defense Secretary Angelo Reyes to stand down, accusing the leadership of corruption and staging a series of terrorist bombings to win more anti-terror aid from the United States.

Honasan has strongly denied involvement but he was present during negotiations that led the rebels to end their siege of the plush apartment and shopping complex.

Police also alleged they had raided two houses owned by deposed jailed president Joseph Estrada and an aide from where the soldiers allegedly planned and staged the mutiny.

Arroyo's national security adviser Roilo Golez said it was possible the soldiers could have been "co-opted and exploited."

He said those found to have played a role in trying to unseat Arroyo would be "very aggressively" pursued.

The mutineers, in full uniform and still carrying their assault rifles, crates of explosives and rucksacks, left Makati on trucks for a nearby army base.

Arroyo hailed the outcome of the Southeast Asian nation's eighth military uprising in 17 years as a "triumph for democracy."

One of the mutiny's leaders, Lieutenant Senior Grade Antonio Trillanes, said Monday he was not happy with the outcome and that he was leaving his fate to his superiors.

"I doubt if true reforms can be implemented," he said. "These people will not change, despite what has happened."

Asked if he would remain with the service if cleared, he said: "I'm not sure right now. I do not want to be part of an organization which refuses to reform."

They rebels -- made up of young offices and enlisted men -- denied their actions were a coup attempt.

In tense moments before the surrender, pro-government soldiers backed by armored cars encircled the complex as two separate deadlines expired.

Around 300 foreigners and residents who had been trapped in the complex, including Australian ambassador Ruth Pearce, were earlier allowed to leave unharmed.

WAR.WIRE