The question asks to match each country from List I with the correct president from List II.

Option 1 incorrectly matches Columbia (I) with Hugo Chavez (B) who was president of Venezuela, and Mexico (III) with Vicente Fox (A) who was president of Mexico.

Option 2 incorrectly associates Columbia (I) with Gloria Macapagal Arroya (C) who served as the president of the Philippines, and The Philippines (II) with Andres Pastrana (D) who was president of Columbia.

Option 3 correctly matches each country with its corresponding President. Columbia (I) with Andres Pastrana (D), The Philippines (II) with Gloria Macapagal (C), Mexico (III) with Vicente Fox (A), and Venezuela (IV) with Hugo Chavez (B).

Option 4 mixes up the presidents of Columbia, The Philippines and Venezuela, similar to the errors in options 1 and 2.

Therefore, option 3 is the correct answer as it accurately matches each country with its respective president.