Mirza Baig, head of FX and interest rate strategy, Asia, BNP Paribas:
The loss of life and property inflicted by the typhoon are indeed very tragic. Logically, one would expect the peso to trade much weaker. However the benign market reaction reflects expectations that aid and remittance inflows will largely offset the need to import essentials in the near term. In this, we think the market is right.