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BSP Reports Unexpected Growth In Overseas Remittances

PHP

Spot USD/PHP trades flat at PHP49.795, matching yesterday's two-week low. A fall through Aug 31/Sep 3 lows of PHP49.660/49.659 would give bears a green light for targeting Aug 4 low of PHP49.605. Conversely, bulls need a jump above Sep 8 high of PHP50.315 to regain poise.

  • USD/PHP 1-month NDF last -0.010 at PHP49.800. Downside focus falls on PHP49.720, which cushioned losses on Aug 31/Sep 1. Meanwhile, bulls see Sep 7 high of PHP50.400 as their initial target.
  • Philippine overseas cash remittances growth slowed to +2.5% Y/Y in July from +7.0% recorded in June but it was enough to beat consensus forecast, which looked for a 2.7% decline. The headline figure stood at $2.853bn in July.
  • Davao Mayor Sara Duterte on Wednesday publicly backed her father's bid to become the next Vice President after he steps down as President next year. She had previously avoided explicitly declaring her support.
  • As a reminder, the National Capital Region enters a pilot programme of more targeted lockdowns today. The region is initially placed at Alert Level 4 under the new five-level scheme.
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