A typhoon that has killed an estimated 10,000 people and devastated islands in the central Philippines can be described as the country's 'Black Swan' event, the chief operating officer of the Philippine Stock Exchange told CNBC on Tuesday.
The term 'Black Swan,' used frequently in the wake of the global financial crisis, often refers to an unexpected event that has ripple effects.
(Read more: Will typhoon Haiyan derail the Philippine economy?)
"It's clearly a black swan event," Roel Refran told CNBC Asia's "Squawk Box," referring to typhoon Haiyan, which hit the Philippines on Friday.
"At the Philippine stock exchange, we are praying for our brothers and sisters affected by this typhoon, and yes the market was down yesterday but our officials are optimistic that we will end the year with 7 percent [gross domestic product growth]," Refran said.
He added: "So while we are aware that the priority is to rebuild the country, investors internationally and locally are factoring this in – these black swans."