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Congress Sends CREATE Bill To Pres Duterte

PHP

Spot USD/PHP operates at PHP48.044, slightly higher on the day. Should the rate retake the 50-DMA at PHP48.082, bulls would be able to take aim at Jan 28 high of PHP48.145. On the downside, the PHP48.000 has been a line in the sand for a while and bears need a breach of that level to get some fresh impetus.

  • Maybank wrote in a note that one of the main catalysts for Philippine stocks this year has been the CREATE bill slashing corporate income taxes. The House of Reps and the Senate ratified a committee report on legislation lowering the corporate tax rate to 25% from 30% for large corporations and to 20% from 30% for SMEs. Following congressional approval, the CREATE bill only needs the signature of Pres Duterte to become law.
  • Philippine bank lending shrunk 0.7% Y/Y in Dec after expanding 0.4% in Nov. It was the first decline in lending since 2008.
  • Looking ahead, Philippine CPI data comes out on Friday.
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