MANILA -- Regine Velasquez formalized her transfer to ABS-CBN with a much-publicized contract signing last Wednesday, which has been touted as a homecoming event for Asia's Songbird.

The much-loved singer, admired for her powerful vocals, was obviously emotional at the warm welcome she received.

But at the same time, her move was also accompanied by several rumors, including one that suggests that she was offered P500-million to switch networks.

In a press conference, the singer clarified accusations that she moved to ABS-CBN because she can't refuse such an offer.

"You know at my age and at this stage of my career, we all know, alam niyo, lahat naman ng mga reporters dito mga kaibigan ko na. Hindi naman ako ilusyonadang tao. Alam ko naman ang lugar ko sa industry. Kaya sobra akong touched na touched sa welcome na ibinigay sa akin ng ABS-CBN, kasi hindi ko akalain na ganun ako ka-importante. Hindi po ako ilusyonadang tao," Velasquez said.

Velasquez stressed that the main reason she moved to ABS-CBN is for her to fulfill her dream of working with the country's No. 1 network before she retires.

"The reason I'm here is because hindi ko alam kung hanggang kailan ko pa kayang kumanta and I want to work with their talented singers. 'Yun talaga 'yon. Na bago man lang matapos ang career ko ay masasabi kong nakatrabaho ko rin ang No. 1 station," Velasquez explained.