Healthcare Utilisation Rate In Metro Manila Back In "Safe Zone"

Spot USD/PHP last sits +0.025 atPHP47.883 after printing its best levels in a week at PHP47.900. A break above the nearby May 11 high of PHP47.921 would clear the way to May 5 high of PHP48.133. On the flip side, bears need a fall below PHP47.776, which limited losses on May 14, before targeting Feb 16 low of PHP47.721.

• USD/PHP 1-month NDF last -0.020 at PHP47.980, with bears keeping an eye on May 14/17 cycle lows of PHP47.82. Topside focus falls on PHP48.130, the high print of May 13.
• Philippine cash overseas remittances grew 4.9% Y/Y in March, which was coupled with a revision of February's reading to +5.0% from +5.1%. The latest reading considerably missed BBG median est. of +8.4%. Over the whole Q1, cash remittances rose 2.6% Y/Y.
• The Dept of Health said that thehealthcare utilisation rate (HCUR) in Metro Manila is back in the "safe zone," owing to continued downtrend in new infections. At the same time, officials warned that HCUR is "still at high risk in some NCR Plus areas" and asked residents to comply with health standards.
• Overall BoP report is expected to hit the wires at some point this week, but other than that the local data docket for the next few days is virtually empty.