Philippine Peso Weakens, Survey Shows Voters See Inflation As Urgent Concern

Spot USD/PHP last changes hands +0.205 at PHP58.875, climbing on the back of impetus from overnight risk aversion. The peso has been the worst performer in emerging Asia this week, save for the Indian rupee. From a technical standpoint, bulls keep an eye on the record highs near PHP59.000, while bears look for a dip through the 50-DMA at PHP56.818.

• USD/PHP 1-month NDF last +0.050 at PHP59.050. Topside focus is on Sep 28 high of PHP59.460, while bears keep an eye on the 50-DMA at PHP57.058.
• Offshore investors bought a net $5.88mn in Philippine stocks Thursday, the second consecutive daily inflow after a three-week hiatus. The PSEi faltered for the second straight day, extending losses today, to last sit ~0.9% lower on the day.
• The administration of Pres Marcos received positive ratings across most categories in a recent Pulse Asia opinion poll, but the net assessment of its attempts to control inflation was negative. At the same time, controlling inflation was the top choice in a question about the most urgent issue, which highlights pressure on policymakers to step up their efforts to tackle price increases.
• Senate Pres Zubiri said the upper house is ready to pass the 2023 budget in November. The lower house approved the PHP5.268tn spending bill on Sep 28.
• The domestic docket is empty during the remainder of the week, with trade data coming up Tuesday.