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Diokno Plays Down Risk To Philippines' Credit Rating Outlook

PHP

Spot USD/PHP has given away all of yesterday's gains, as it played catch up with overnight dollar weakness. The rate last trades -0.088 at PHP47.860, with bears looking for a fall through May 19 low of PHP47.769, towards Feb 16 low of PHP47.721. Conversely, a jump above May 20 high of PHP47.970 would open up May 5 high of PHP48.133.

  • USD/PHP 1-month NDF last +0.030 at PHP47.950. Topside focus falls on May 13 high of PHP48.130, while the key near-term layer of support is provided by PHP47.820, which represents May 14 & 17 cycle lows.
  • BSP Gov Diokno said that the Philippines' piling debt should not affect sovereign credit ratings, as the nation's external debt-to-GDP ratio remains "well below" the threshold, which would put the central bank on alert. He added that the debt profile is balanced with regard to maturity, currency composition and creditor base.
  • The Presidential Palace rejected a request by a group of senators to backpedal on the recent executive order lowering rice import tariffs.
  • FinMin Dominguez said that vaccine deliveries ordered by the private sector are expected to arrive in mid-June and will include Moderna, AstraZeneca & Sinovac jabs.
  • With nothing left on the local docket today, focus moves to next week's budget balance.
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