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Election Day Under Way

PHP

USD/PHP 1-month NDF last seen +0.25 at PHP53.05 with onshore markets closed for the Election Day. Bulls keep an eye on May 3 high of PHP53.24, while bears look for a slide through the 50-DMA at PHP52.32.

  • Philippine voters are casting their ballots in a suite of elections, including the closely watched presidential poll. The son and namesake of the late Philippine dictator Ferdinand Marcos eyes a landslide victory, if pre-election opinion polls are to be trusted. Sara Duterte, the daughter of the incumbent president, is expected to win vice-presidency by a comfortable margin.
  • There is considerable uncertainty about Marcos' specific policy proposals. His campaign speeches were notoriously vague and he refused to take part in debates with other contenders. He is expected to continue the general policy course of his predecessor, in areas such aggressive infrastructure spending and drug policies.
  • Reminder that the Philippine Statistics Authority will publish quarterly GDP data on Thursday.

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