I doubt Arbiter or Ruffer have any major insight into what the...

I doubt Arbiter or Ruffer have any major insight into what the long term prospects of muslim insurgency in Mindanao is...

More importantly it would seem that their continued buying by hasn't been enough to offset other investors selling.

My take is despite the Dutuerte governments best efforts they haven't been able to suppress the insurgency issue of over a month now... this suggests to me that it is just as likely (if not more likely) that it will get worse before it gets better.

I'm not sure if it would get bad enough to affect MML operations, but I'm fairly confident its hurting the MML share price.