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Peso Stays In Vicinity Of Record Lows Despite Repeated BSP Warnings

PHP

The PHP59 figure remains a key line in the sand for spot USD/PHP as the pair struggles to penetrate this all-time high amid Bangko Sentral's activity in the market. The rate last deals +0.049 at PHP58.994, with bears looking for a pullback past Oct 5 low of PHP58.395. USD/PHP 1-month NDF last -0.010 at PHP59.160 and downside technical focus falls on Oct 5 low of PHP58.520.

  • Officials reiterated that they keep watching peso moves. FinSec/ex-BSP Gov Diokno said the central bank is monitoring FX transactions to detect speculative activity after implementing "measures to moderate sudden movements in the peso." Bangko Sentral's current Governor Medalla vowed to "take all necessary measures including raising interest rates" to prop up the beleaguered currency.
  • Offshore investors were net buyers of $8.70mn in Philippine stocks last Friday, while the PSEi scored only modest gains. The index turned bid this morning and last sits ~1% higher on the day.
  • Worth noting that the Unioil Petroleum Philippines announced that fuel prices will go up next week, following last week's hike, which came after a five-week rollback.
  • Philippine overseas remittances data are expected to cross the wires in the coming days.
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