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Duterte Eases Rules On Foreign Ownership, Seeks Larger Cash Handouts To Low-Income Families

PHP

Spot USD/PHP trades +0.048 at PHP52.408, with bulls looking to a move through PHP52.487, which capped gains on Mar 14. Should this figure give way, bulls could target Aug 15, 2019 high of PHP52.620. Conversely, a dip through Mar 17 low of PHP52.110 and Mar 10 low of PHP52.045 would please bears.

  • USD/PHP 1-month NDF last seen +0.070 at PHP52.670. On the topside, the initial target is provided by Mar 14 high of PHP52.940. Meanwhile, bears look for a retreat under Mar 9 low of PHP51.830.
  • President Duterte signed off on legislation allowing full foreign ownership in key sectors, excluding power distribution and transmission, water and pipeline sewerage, seaports, public utility vehicles and petroleum pipelines.
  • The President also instructed the Department of Finance to increase monthly cash handouts for low-income households to PH500 from PHP200 in order to mitigate the impact of higher fuel prices.
  • Bangko Sentral ng Pilipinas is expected to keep borrowing costs unchanged on Thursday.
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