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Onshore Philippine markets are shut in observance of a major Islamic holiday. USD/PHP 1-month NDF sits +0.030 at PHP51.140, with bulls looking for a break above yesterday's cycle high of PHP51.390. Bears see Jul 13 low of PHP50.100 as their initial target.
- Pres Duterte said Monday that the Philippines "may need to reimpose stricter restrictions to avoid mass gathering and prevent superspreader events." Chairman of the Metropolitan Manila Development Authority appeared at the same briefing and requested a U-turn on the recent decision to again allow children to leave homes.
- The Philippines set 2022 budget ceiling at PHP5.02tn, that is 11.5% above this year's limit. Economic managers left GDP growth targets for 2021 and 2022 unchanged at +6%-7% Y/Y and +7%-9% Y/Y respectively.
- Justice Sec Guevarra pushed back against Pres Duterte's suggestion that successfully running for Vice Presidency in 2022 would insulate him from lawsuits. Guevarra stressed that "the Vice President was not immune from suit under the present Constitution."
- Philippine budget balance comes out this Friday, while overall BoP may also hit the wires over the coming days.