Philippine Officials Lean Toward Careful, Targeted Restrictions

Spot USD/PHP re-opened lower, but has more than recouped the initial losses and last sits +0.037 at PHP48.607. Gains past the 200-DMA at PHP48.703 would represent a significant bullish development, turning focus to the PHP49.000 mark. Bears look for a slide through Mar 12 low of PHP48.370, towards Feb 17 low of PHP48.281.

• Philippine Pres Duterte & Econ Planning Sec Chua signalled their preference for smaller and more targeted restrictions, as the country grapples with the escalating outbreak of Covid-19. Chua noted that "reverting back to a stricter and blanket community quarantine is no longer an option," as it could cause what Duterte dubbed a "disaster for the country." Their comments came after the Philippines declared the highest daily increase in new Covid-19 infections (8,019) on Monday.
• Duterte also said that the gov't cannot bear liability for Covid-19 vaccines bought by the private sector, despite passing legislation which grants indemnity for jab producers.
• BoP report is due at some point this week, budget balance hits on Friday. BSP delivers its latest MonPol decision on Thursday and will most likely leave its benchmark policy rate unch.