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Duterte Set To Run For VP In 2022

PHP

Spot USD/PHP has edged lower and now sits -0.030 at PHP50.100, catching up with yesterday's risk-on flows. Bears look for a breach of the 50-DMA at PHP49.792, which would open up Aug 4 low of PHP49.605. Conversely, a jump above Aug 19 high of PHP50.615 would bring Aug 17 cycle high of PHP50.667 into play.

  • USD/PHP 1-month NDF last seen +0.040 at PHP50.190. A move through Aug 19 high of PHP50.760 would please bulls, while bears keep an eye on the nearby 50-DMA at PHP50.027, followed by Aug 3 low of PHP49.680.
  • Pres Duterte confirmed that he will run for vice-president in 2022 when his current term expires. His decision was endorsed by the ruling PDP-Laban party, while opposition coalition 1Sambayan said that the President is trying to avoid prosecution by the International Criminal Court. It remains unclear who will be Duterte's running mate.
  • BSP Gov Diokno said Tuesday that the Philippines has received its allocation of special drawing rights from the IMF, which will boost the country's gross international reserves.

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