Former Philippine President Joseph “Erap” Estrada has been found guilty beyond reasonable doubt of plunder by the Sandiganbayan anti-graft court and has been sentenced to life imprisonment. The perjury case against Estrada however was dismissed.

Upon the issuance of the verdict, the Philippine stock market rallied and 15 minutes after market opening, is now up by 0.6% at 3,284.75 points.

Continue reading: Former Philippine Pres. Joseph Estrada guilty of plunder; Philippine stocks up