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Medalla Plays Down Potential For Another Off-Cycle Rate Hike

PHP

Spot USD/PHP has moved away from record highs near PHP59.000 to last trade -0.265 at PHP58.717. Bears keep an eye on the 50-DMA, which intersects at PHP56.550, while topside focus is on aforesaid all-time highs. USD/PHP 1-month NDF last +0.160 at PHP58.880, with bulls looking to retest record highs at PHP59.460.

  • Offshore investors shed a net $8.40mn in Philippine equities Thursday, while the PSEi paused its recent decline. The benchmark index resumed losses today, falling to its lowest point since Sep 7, 2020 (we have outlined some headwinds to Philippine stocks in a recent bullet).
  • BSP Gov Medalla said an off-cycle rate hike "does not seem necessary" at this point, while the Monetary Board stands ready to do what's needed. The central bank last delivered an inter-meeting move in July, raising the key policy rate by 75bp.
  • The Philippines' budget deficit was at PHP72.0bnin August, pushing the YtD shortfall to PHP833bn.
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