MANILA, Philippines - Two months before the May 10 elections, the presidential race may have narrowed down to Senators Benigno "Noynoy" Aquino III and Manuel "Manny" Villar Jr., but nobody has a clear lead yet, a political analyst said Tuesday.

"You may have a lead, but it does not necessarily mean that this will be maintained. But it appears that it's a one-on-one between the two," Ramon Casiple said of Aquino and Villar.

In the latest Social Weather Stations (SWS) survey, Aquino of the Liberal Party (LP) and Villar of the Nacionalista Party (NP) were neck and neck. Aquino's running mate Sen. Manuel "Mar" Roxas II, however, continued to lead the vice presidential race by a wide margin.

Of the 2,100 registered voters SWS polled from Feb. 24 to Feb. 28, Aquino got 36 percent, while Villar stayed close with 34 percent.

The gap falls within the margin of error of 2.2 percentage points used in the survey.

With the margin of error, support for Aquino ranged from a low of 33.8 percent to a high of 38.2 percent, while support for Villar ranged from 31.8 percent to 36.2 percent. The respondents were given "ballots" that they had to mark in private and deposit in a container brought by the interviewer, according to BusinessWorld.