Half-Playable, game has strange red colour (defect)effect. 
r1736
Load with decrypted boot.bin
Running with dynarec compiler (log level set to INFO)
Compability options used: None
r1736
Load with decrypted boot.bin
Code:
3750 [GUI] INFO emu - Jpcsp v0.5 1736
3765 [GUI] INFO emu - UMD param.sfo :
BOOTABLE = 1
CATEGORY = UG
DISC_ID = ULUS10280
DISC_NUMBER = 1
DISC_TOTAL = 1
DISC_VERSION = 1.03
PARENTAL_LEVEL = 9
PSP_SYSTEM_VER = 3.52
REGION = 32768
TITLE = Manhunt 2
probably homebrew? false
3797 [GUI] DEBUG hle - Loading HLE firmware up to version 352
3812 [GUI] INFO emu - Loading global compatibility settings
3812 [GUI] INFO ge - Only GE Graphics: false
3859 [GUI] INFO hle.sceAudio - Audio ChReserve disabled: false
3875 [GUI] INFO hle.sceAudio - Audio Blocking disabled: false
3875 [GUI] INFO hle.ThreadManForUser - Audio threads disabled: false
3875 [GUI] INFO memory - Ignore invalid memory access: false
3875 [GUI] DEBUG emu - No patch file found for this game
3890 [GUI] DEBUG runtime - RuntimeContext.reset
4172 [GUI] DEBUG hle - Loading HLE firmware up to version 352
4218 [GUI] DEBUG emu - Loader: Relocation required (PRX)
4218 [GUI] DEBUG memory - PH#0: loading program 08804000 - 08B30D4C - 08B30D4C
4281 [GUI] DEBUG memory - PH#1: loading program 08B30D50 - 08B31A4C - 08C71878
4281 [GUI] DEBUG memory - PH alloc consumption 0046D878 (mem 0013FE2C)
4281 [GUI] DEBUG memory - .bss: clearing section 08B31A80 - 08C71878 (len 0013FDF8)
4281 [GUI] DEBUG memory - .rel.text: relocating 90661 entries
4375 [GUI] DEBUG memory - .rel.lib.ent: relocating 1 entries
4390 [GUI] DEBUG memory - .rel.lib.stub: relocating 63 entries
4406 [GUI] DEBUG memory - .rel.rodata.sceModuleInfo: relocating 4 entries
4406 [GUI] DEBUG memory - .rel.rodata.sceResident: relocating 6 entries
4406 [GUI] DEBUG memory - .rel.rodata: relocating 6854 entries
4406 [GUI] DEBUG memory - .rel.data: relocating 7590 entries
4406 [GUI] DEBUG memory - .rel.eh_frame: relocating 2 entries
4406 [GUI] DEBUG memory - .rel.cplinit: relocating 148 entries
4406 [GUI] DEBUG memory - .rel.psp_lib_markimport_: relocating 6 entries
4422 [GUI] DEBUG memory - .rel.linkonce.d: relocating 204 entries
4422 [GUI] INFO emu - Found ModuleInfo name:'MAN2' version:0101 attr:00000000 gp:00000000
4422 [GUI] DEBUG memory - Reserving 0x46D878 bytes at 0x08804000 for module 'disc0:/PSP_GAME/SYSDIR/BOOT.BIN'
4422 [GUI] DEBUG hle.SysMemUserForUser - malloc partition=2, type=PSP_SMEM_Addr, size=0x46D878, addr=0x08804000: returns 0x08804000
4422 [GUI] INFO emu - Found 194 imports from 21 modules
4437 [GUI] DEBUG emu - module_start found: nid=0xD632ACDB, function=0x08A8CFC0
4437 [GUI] DEBUG emu - module_stop found: nid=0xCEE8593C, function=0x08A8D358
4437 [GUI] DEBUG emu - module_info found: nid=0xF01D73A7, addr=0x08AD7D0C
4437 [GUI] WARN emu - module_sdk_version found: nid=0x11B97506, sdk_version=0x03050010
4437 [GUI] DEBUG emu - module_start_thread_parameter found: nid=0x0F7C276C, priority=32, stacksize=1024, attr=0x80000000
4437 [GUI] DEBUG emu - module_stop_thread_parameter found: nid=0xCF0CC697, priority=32, stacksize=1024, attr=0x80000000
4437 [GUI] INFO emu - 194 NIDS mapped
4437 [GUI] DEBUG hle.SysMemUserForUser - malloc partition=1, type=PSP_SMEM_Addr, size=0x4000, addr=0x08800000: returns 0x08800000
4453 [GUI] DEBUG hle.SysMemUserForUser - malloc partition=2, type=PSP_SMEM_High, size=0x400, addr=0x00000000: returns 0x09FFFC00
4453 [GUI] DEBUG runtime - Switching to Thread root
4453 [GUI] INFO hle.IoFileMgrForUser - pspiofilemgr - filepath disc0/
4547 [GUI] INFO ge - OpenGL version: 2.1.2
4578 [GUI] INFO ge - Using VBOCompability options used: None