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Philip Sov Curve Bull-Flattens, Central Bank See Inflation Risks

PHILIPPINES
  • The PHILIP curve has bull-flattened today, with front-end yields up 1-3bps, while long-end is down 5-10bps, the 2Y yield 1bps higher at 5.09%, 5Y yield is 4bps lower at 5.29%, 10Y yield is 8bps lower 5.40%, while 5yr CDS is 3bps lower to 66bps.
  • The Philip to US Treasury spread difference has widen over the past day in the front-end with the 2y now 16bps (+7bp), the 5yr is 69bps (+6bps), while the 10yr is 83bps (-1bp).
  • Cross-asset moves: the USD/PHP is down 0.24% at 57.054, PSEi Index is up 1.30%, while US Tsys yields are 1-2bps lower.
  • The Philippine central bank remains committed to price stability despite inflation risks, expecting inflation to breach its target of 2%-4% in the second quarter before easing back in the latter half of the year. Governor Eli Remolona indicated that monetary easing might be delayed until late 2024 or early 2025, citing persistent inflation concerns, despite robust economic growth and a resilient external sector.
  • Looking Ahead, Balance Of Payments Overall on Friday
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