Manila markets dismiss martial law fearsIt was “business as usual” in Mindanao on Wednesday after President Rodrigo Duterte declared martial law on the region the previous night, the central bank governor said, while financial markets in Manila shook off initial jitters and bounced back to a firm finish. “We have been monitoring the situation because we have branches in Mindanao, and the report is that—business as usual,” Tetangco said on the sidelines of a joint multi-sector business/finance testimonial luncheon in Makati City in honor of Tetangco, who is retiring after June. Joylin Telagen, research head at IB Gimenez Securities, said investors’ previous risk-off sentiment was driven by Duterte’s martial law statement, driving the index to open lower. “However, I think investors realized that the problem in Mindanao is just temporary, so investors bought back the stocks sold earlier,” Telagen said. This triggered fierce clashes throughout the afternoon and into the evening, with Ano estimating there were about 50 gunmen.

Source: Manila Times May 24, 2017 16:18 UTC