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All-Time PHP Lows In Play Ahead Of BSP Policy Review

PHP

Spot USD/PHP has soared to fresh record highs and last deals +0.410 at PHP57.900 as monetary policy reviews by the Fed (Wednesday) and BSP (Thursday) draw nearer. 1-Month NDF last seen +0.340 at PHP58.050.

  • Offshore names sold a net $3.3mn in Philippine stocks Tuesday, albeit the PSEi paused declines. The index (last ~1.3% lower) resumed losses today, sinking through support from the 61.8% retracement of its Jun - Aug rally.
  • Bangko Sentral ng Pilipinas is expected to raise the key policy rate by at least 25bp tomorrow, but most analysts (including us) expect double-barrel hike. Policymakers are looking at a notable acceleration in core inflation last month and continued weakness in the exchange rate, which should be enough to nudge them towards a bolder move.
  • The Philippines' monthly budget balance is also due Thursday. Focus will also fall on a meeting between Pres Marcos and his U.S. counterpart Biden, with the Philippine leader vowing to boost relations with Washington after a deterioration under the Duterte administration.
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