Philippine Unemployment Edges Higher, Philippines To Tighten Covid Restrictions

The peso has shown a muted reaction to an uptick in the unemployment rate. USD/PHP trades at PHP48.436 as we type, little changed on the day.

• The Philippines' unemployment rate registered at 8.8% in Feb after printing at 8.7% in Jan, while the total number of unemployed persons increased to 4.2mn from 4.0mn.
• Pres Duterte announced that several provinces will be moved to stricter quarantine settings in Apr and said that the Philippines is "almost back to zero" in its Covid-19 response. The nation recorded a record increase in new Covid-19 cases on Monday.
• Duterte also said he will give a nod for private companies to import Covid-19 vaccines "at will" to accelerate the country's economic reopening. Duterte noted that businesses will be free to choose the sourcing of the vaccines.
• The 200-DMA, which today intersects at PHP48.653, has been defined as the key near-term resistance. A break above that level would open up Feb 23 high of PHP48.755. Bears look for a dip through Mar 12 low of PHP48.370, which would expose Feb 17 low of PHP48.281.
• Philippine budget balance comes out later today, while bank lending & money supply are due Wednesday.