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Lawmakers Meet To Reconcile Conflicting Provisions In Budget 2022

PHP

Spot USD/PHP trades -0.010 at PHP50.378, resting upon support from its 100-DMA at PHP50.359. A clean break here would give bears a green light for targeting Nov 19 low of PHP50.220. Bulls need a clearance of Nov 26 high of PHP50.558 before taking aim at Nov 22 high of PHP50.765.

  • USD/PHP 1-month NDF last -0.030 at PHP50.530. Bearish focus falls on Nov 12 low of PHP49.820, while bulls keep an eye on Nov 23 high of PHP50.890.
  • The parliamentary bicameral conference committee meets today to reconcile conflicting parts of the 2022 budget proposal and come up with the final version, which could be submitted to Pres Duterte.
  • The Philippines is considering extending the official shelf life of some AstraZeneca vaccines which have been kept unused past their expiry dates.
  • Bankers Association of the Philippines noted that they will defer plans to adjust trading hours for local FI markets, but will go ahead with lengthening trading hours in the FX market as planned.
  • It is a slow start to the week in the Philippines, but the local data docket will get heavier going forward. The latest CPI and jobs market data are due tomorrow, while trade balance will hit the wires on Friday.

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