Philippines markets hit following horrific cyclone

|By:, SA News Editor

The Philippines Stock Exchange Index has dropped 1.4% and the peso has weakened following the immense devastation caused by Super Typhoon Haiyan, which is estimated to have killed up to 10,000 people.

The USD-PHP is +1% to 43.63 pesos, while 10-year government bond yields are +12 bps to 3.65%.

The concern is that the disaster will hurt the Philippines' economy, whose growth has topped 7% for four consecutive quarters. The damage caused is projected to reach an estimated $14B, of which $2B will be insured.