Overseas Remittances Grow Further, Peso Hovers Near Multi-Month Lows

Spot USD/PHP has inched higher and last sits +0.063 at PHP50.068, still confined within yesterday's range. Should bulls force a break above PHP50.263, which capped gains on Tuesday, they could target Jun 15, 2020 high of PHP50.380. On the downside, initial focus falls on Jul 2 low of PHP49.085.

• USD/PHP 1-month NDF last seen +0.030 at PHP50.280. Bulls look for gains past Jul 12 high of PHP50.740, while bears keep an eye on Jul 2 low of PHP49.250.
• Pres Duterte said that his repeated mentions of the possibility of running for VP were just intended to "scare off" his critics, but he is ready to join the race "if it is good for the country."
• Overseas remittances rose 13.1% Y/Y in May after growing 12.7% in April. Separately, BSP said that foreign reserves fell to $106.08bn in June from$107.25bn in May, on the back of the adjustment in the value of gold holdings, FX withdrawals of the gov't & central bank FX ops.
• Philippine overall BoP for the month of Jun may hit the wires in the coming days.