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(Outgoing?) BSP Gov Diokno Says Another 25bp Rate Hike In June Is Likely

PHP

Spot USD/PHP trades -0.011 at PHP52.346, with bears looking for a dip through May 20 low of PHP52.126, which would open up Apr 28 low of PHP51.970. The topside technical line in the sand remains at PHP52.500.

  • USD/PHP 1-month NDF last -0.040 at PHP52.470. Bears keep an eye on May 23 low of PHP52.070, while bulls look to a move through May 12 high of PHP52.850.
  • Bloomberg reported that Philippines President-elect Marcos will tap BSP Gov Diokno as the new Finance Secretary, with the official announcement expected later today. Marcos may also name Diokno's successor.
  • Outgoing Finance chief Dominguez warned Marcos against financing debt with additional borrowing to avoid cascading effects on interest payments. He also outlined proposals of new taxes that could bring an annual revenue of PHP349.3bn, aiding the fiscal consolidation process.
  • Meanwhile, Diokno told Bloomberg Wednesday that the benchmark policy rate will likely be raised by another 25bp at the next MPC meeting, adding that policy decisions will remain data dependent.
  • The Philippines' April budget balance is expected to be released by the end of this week.
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