At close of morning trade today, the peso stood at P49.14. The 5-year credit default swap spread, which is a measure of the market’s perception of the country’s credit worthiness, has more than doubled from 248 to 660 bps. The same can be observed on the spread over the ROP30, which moved from 260 to 649 bps.
The PSEi, on the other hand, lost close to half its value from 3,105 in February to 1,704 pts at yesterday’s close. The regional financial markets followed the same trends – regional currencies weakened, credit spreads widened, and stock markets declined.