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Diokno Vows Gradual Policy Exit, But BSP Stands Ready To Act Pre-Emptively If Needed

PHP

Spot USD/PHP trades +0.012 at PHP52.238 at typing. On the topside, the PHP52.500 figure still marks a key technical line in the sand. Meanwhile, losses past Apr 28 low of PHP51.970 would support the bearish case.

  • USD/PHP 1-month NDF last -0.010 at PHP52.320. Bears look for a break below the 100-DMA at PHP51.988, while bulls keep an eye on May 12 high of PHP52.850.
  • BSP Gov Diokno said that the exit from easy monetary policy will be "gradual, well-communicated and outcome-based," with the central bank ready to take pre-emptive action if there are signs of inflation expectations becoming disanchored.
  • The Senate and House of Representatives will resume session today to canvass votes for President and Vice President in the May 9 election.
  • Lawmaker Edcel Lagman warned that the administration of President-elect Ferdinand Marcos may struggle to fund its proposed stimulus package, as the Duterte administration has already disbursed 90% of the 2022 Budget.
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