Stocks fell to nearly its lowest on Wednesday since May while the peso hit a new seven-year low reducing its losses as the markets digested the initial impact of Donald Trump’s upset of Hilary Clinton in the US presidential election.

In a statement by central bank governor Amando Tetangco Jr., he said “regional currencies including the peso fell on renewed risk aversion surrounding market surprise in early results surrounding a Trump victory.”

Socioeconomic Planning Secretary Ernesto Pernia said in a text message to the Daily Manila Shimbun the country’s “pivot to China” as pushed by Duterte is a “safety net” in light of Trump’s victory. During the campaign, Trump leaned towards protectionist policies.

Claiming Duterte is a “clairvoyant”, Pernia said this is why the president “decided to pivot to China, rather than continue to depend on the US, and be more closely integrated with Asian economy, thereby rebalancing and diversifying our economic relations.”

The Philippine Stock Exchange index lost 2.59 percent to end at 7,119.04 points as declines outnumber advances. Losers totaled 154 while gainers reached 54 with 36 issues remaining unchanged.

The peso slumped to a seven-year intraday low of P48.85 against the US dollar in early trading but recovered to end at P48.59 against the greenback at the Philippine Dealing System. Volume reached $765 million from Tuesday’s $549 million.

Tetangco said “market cautiousness on possible retreat of the Fed from a December rate hike because of the market reaction is weighing on regional currencies.”

Tetangco added the central bank “will provide liquidity in the market as needed to address market price action on renewed global political risk.”

Century Properties Group Inc, whose president Jose Antonio was named by President Rodrigo Duterte as the special trade and commerce envoy to the US, saw its shares climb from .60 centavos to 0.72 a share. Antonio is Trump’s business partner in setting up Trump Tower Manila.

Trump, whom economists consider a conservative, said he wanted to create more jobs in the US rather than outsource them. This has fueled concerns from outsourcing companies on which the country earns at least $20 billion yearly.

Based on August trade figures, the US is the Philippines’ second biggest export market after Japan. The US is the Philippines’ third biggest source of imports after China and Japan. DMS/Celerina Monte, Ella Dionisio