The most recent Latin American leader to overturn presidential term limits is Nicaragua's Daniel Ortega.
The president's approval rating skyrocketed to 90 percent after the military freed 15 high-profile hostages from a jungle rebel camp.
Ingrid Betancourt and three Americans were rescued Wednesday in a risky operation that shows the FARC rebel group in disarray.
A top leftist rebel commander turned herself in Sunday. Colombia's government is touting the move as the latest in a series of devastating blows to the leftist rebels.
Colombia forces killed a top rebel leader and several others in an airstrike on guerrillas based in Ecuador this weekend.