Veteran Liberal Gerry Phillips announced on Friday that he would not seek re-election, signalling an end to the political career of one of Ontario's longest serving members of provincial parliament.

Phillips, 70, has spent the past 24 years representing Toronto's Scarborough-Agincourt riding at Queen's Park.

"I've been very lucky. Every day I wake up and I want to go to work, I'm looking forward to it. You are lucky if you can do that," Phillips told reporters on Friday after making the announcement.

"The magic in life for every young person is finding out what you like doing."

Phillips was first elected to the legislature in 1987 and has served as the Minister of Energy, Citizenship and Labour, among others, during his career. He is currently a minister without portfolio.

Phillips said he started considering retirement in August and only recently came to a decision. He said he knew he wasn't prepared to stay in office for four more years and wanted to announce his retirement well ahead of the next election.

Phillips will remain in office until the provincial election on Oct. 6.

Phillips thanked the people he represented in Scarborough-Agincourt for their trust and Premier Dalton McGuinty, whom he called a close friend.

"I couldn't have asked for a better leader. He is without exception presented me with the opportunities that I have wanted and the challenges that have kept me going," he said.

Before becoming an MPP, Phillips was active in the private sector, heading three businesses, and served as a school trustee for 11 years.

Phillips is the latest in a series of Liberals who have decided not to seek re-election, including Speaker Steve Peters, deputy speaker Bruce Crozier, government house leader Monique Smith and members Pat Hoy and Jim Brownell.

With files from The Canadian Press