Duterte Plays Down Tensions With China, NEDA Wants Looser Curbs In Metro Manila

Spot USD/PHP remains pressured and has extended losses to a fresh 2.5-month low of May 4 low of PHP48.015. The rate last trades -0.013 at PHP48.035 as we type.

• Pres Duterte called China a "benefactor," despite the Philippines' tensions with Beijing over the disputed part of the South China Sea. Foreign Affairs Sec Locsin played bad cop earlier Monday, as he used vulgar language to demand that China withdraws its vessels from the disputed waters.
• Duterte was joined by vaccine czar Galvez, who said the gov't is in talks for the delivery of 4mn doses of the Sinovac jab & 2mn Sputniks this month.
• The National Economic and Development Authority (NEDA) said that the gov't needs to relax restrictions in Metro Manila this month & improve its "prevent, detect, isolate, treat and recover" strategy. NEDA chief Chua argued that the capital region is too large a contributor to national economic output to remain under strict quarantine for an extended period of time.
• Senate Pres Sotto is set to meet with FinSec Dominguez soon to hammer out a deal on pork tariffs, as they seek to strike a balance between managing inflation and protecting domestic hog industry.
• The gov't's outstanding debt rose to PHP10.77tn in March from PHP10.41tn in Feb and was 27.1% larger than a year ago.
• Philippine CPI hit the wires on Wednesday, unemployment comes out Thursday, with trade balance due Friday. Money supply & bank lending will be released by the end of this week.
• Bears eye the PHP48.000 mark for initial support, while bulls look for a break above the 100-DMA at PHP48.286 before targeting Apr 28 high of PHP48.475.