The market is reacting to ongoing concerns of a threat to oust the president.

The central bank is trying to combat persistent inflationary pressures. This is a signal to the market that interest rates have bottomed out and we should expect more increases.

The change itself should be positive for the market.

The flows are getting bigger. We're sending more workers and we're sending more teachers compared with entertainers. So when they remit, it's bigger.

The lifting of the state of emergency is a clear signal that the threats against the government have been neutralized more so this would boost financial markets, particularly the peso.

This is good news but we can't say at this point that a recovery is now underway. We want to see first how exports will perform in the next two to three months before we can make any conclusion.

The strong remittances and additional government spending this year should help mitigate the adverse impact of additional taxes and high oil prices on consumer spending.

The risk to the administration seems to be dissipating ... we will probably see a more stable market next week.

We could still probably go to 150-170 (basis points on the Philippine five-year CDS). People are going to be waiting for the first-quarter tax numbers before taking it to those levels.

There could be a quarter-point increase every quarter to (a total of) one percentage point for the full year.