Philippine Officials Find Cases Of UK Covid Variant

Spot USD/PHP has traded on a slightly heavier note since Feb 23, but the overnight rally in U.S. Tsy yields has allowed the pair to edge higher this morning. It trades at PHP48.575 as we type.

• The Dept of Health said they are monitoring the continued increase in daily Covid-19 case counts in Manila and two other areas. A DoH off'l said that "the plateauing trend seen in the past months was broken by a spike in new COVID cases this week nationally."
• The Philippine Star reported that the BSP "plans to extend temporary regulatory relief measures to convince banks to offload soured loans even at substantial discount to ensure a sound and safe financial system amid the global health crisis."
• Elsewhere, the Philippines raised alert over the activity of the Mount Pinatubo volcano in the Luzon island. Seismologists highlighted "low-level" unrest, but don't expect an imminent eruption.
• 487,200 doses of AstraZeneca Covid-19 jabs delivered through the COVAX Facility will arrive in Manila today.
• Bears look for a fall through Feb 17 low of PHP48.281, towards 100-DMA at PHP48.238. Bulls need a breach of Feb 23 high of PHP48.755 before targeting the 200-DMA at PHP48.831.
• Philippine inflation data, due Friday, headlines the local docket during the remainder of the week.