The Colorado candidate, former Finance Minister Santiago Peña, defeated both PLRA president Efraín Alegre from the Concertación alliance and former senator Paraguayo Cubas from the populist National Crusade Party. The election marked another victory for the long-dominant Colorado Party, which also won the majority of congressional and governor races.[2] Both Peña and the vice president-elect Pedro Alliana were set to take office on 15 August 2023.