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Grinding Away From Record Lows

PHP

Spot USD/PHP is edging away from record highs printed Wednesday at PHP59.005. The pair last deals -0.047 at PHP58.945, with bears counting on a further slide towards the 50-DMA (PHP56.500). 1-month NDF last +0.220 at PHP59.170, with bulls targeting yesterday's high of PHP59.460.

  • Foreign investors were net sellers of $10.02mn in Philippine stocks Wednesday, with the PSEi sinking deeper into bear market territory. The index has recovered today, adding ~2% thus far.
  • The House of Representatives approved the PHP5.268tn 2023 budget in the third and final reading, with just three votes against.
  • Philippine bank lending and budget balance are expected to cross the wires in the coming days.
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