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PHILIP Curve Bear-Steepens, FinSec Suggest Rate Cuts May Be Delayed

PHILIPPINES
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • The PHILIP curve has bear-steepened over the day, yields are 1-3bps higher, the 2Y yield is 1.5bps higher at 5.16%, 5Y yield is 2bps higher at 5.38%, 10Y yield is 3bps higher 5.485%, while 5yr CDS is off highs made Friday at 67.5bps.
  • The Philip to US Treasury spread difference is little changed in the front-end while the long-end has reversed the move widen made on Friday, the 2y is 16bps (unchanged), the 5yr is 69bps (-4bps), while the 10yr is 83bps (-4bp).
  • Cross-asset moves: The USD/PHP is down 0.30% at 57.46, the PHP trades just off mulit-year lows, PSEi Index is up 0.30%, while US Tsys yields are 1-4bps higher with curves bear-steepening
  • Philippine President Ferdinand Marcos Jr. has ordered the relaxation of rules on importing agricultural products like sugar to stabilize prices, streamlining administrative procedures and easing licensing requirements for importers, while also facilitating direct overseas purchases for registered industrial users. Food prices have been the major contributor to CPI.
  • Philippine Finance Secretary Ralph Recto suggests that interest rate cuts may be delayed if the peso weakens further, but remains optimistic about economic growth, expecting it to range between 6% to 7% this year. The government plans to tap international debt markets to support higher spending amid trimmed economic growth forecasts and elevated interest rates.
  • Looking Ahead, Budget Balance on Wednesday
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  • The PHILIP curve has bear-steepened over the day, yields are 1-3bps higher, the 2Y yield is 1.5bps higher at 5.16%, 5Y yield is 2bps higher at 5.38%, 10Y yield is 3bps higher 5.485%, while 5yr CDS is off highs made Friday at 67.5bps.
  • The Philip to US Treasury spread difference is little changed in the front-end while the long-end has reversed the move widen made on Friday, the 2y is 16bps (unchanged), the 5yr is 69bps (-4bps), while the 10yr is 83bps (-4bp).
  • Cross-asset moves: The USD/PHP is down 0.30% at 57.46, the PHP trades just off mulit-year lows, PSEi Index is up 0.30%, while US Tsys yields are 1-4bps higher with curves bear-steepening
  • Philippine President Ferdinand Marcos Jr. has ordered the relaxation of rules on importing agricultural products like sugar to stabilize prices, streamlining administrative procedures and easing licensing requirements for importers, while also facilitating direct overseas purchases for registered industrial users. Food prices have been the major contributor to CPI.
  • Philippine Finance Secretary Ralph Recto suggests that interest rate cuts may be delayed if the peso weakens further, but remains optimistic about economic growth, expecting it to range between 6% to 7% this year. The government plans to tap international debt markets to support higher spending amid trimmed economic growth forecasts and elevated interest rates.
  • Looking Ahead, Budget Balance on Wednesday