Inq7 has a running account of the military situation.

Looks like 60 of the soldiers have surrendered. Well, they don’t need to fight anymore. They picked Makati for a reason, as previously stated, and now mission accomplished: the damage has been done. Expect more surrenders, but that doesn’t change that they have effectively thrown the poop in the political fan.

Update: Looks like the mutiny’s over, but the consequent destabilization has yet to begin. Tomorrow, on the day of Gloria’s State of the Nation address, the stocks take a beating, the peso-dollar exchange rate plunges, the overseas investors flee the city, the tourists change their travel plans, and the Philippines continues in its status quo of volatile socio-political instability.

This Op-Ed article from Bangkok has harsh words for would-be Filipino military putschists.