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Philippines Approves J&J Shot For Emergency Use, Tensions With China Scrutinised

PHP

Spot USD/PHP has extended yesterday's losses and last sits at PHP48.300. The rate is narrowing in on the 100-DMA at PHP48.275 and a break here would support the bearish case. Bulls need a break above the 200-DMA at PHP48.561 to get some fresh impetus.

  • Pres Duterte said he won't challenge China over its activity in the disputed part of the South China Sea unless Beijing decides to drill for oil or extract resource from there. Duterte warned that "if we go there to assert our jurisdiction, it will be bloody."
  • The Philippine regulator approved the J&J Covid-19 jab for emergency use, with vaccine tsar Galvez noting that 10mn doses from J&J are expected. The vaccine produced by India's Bharat Biotech International has also been authorised for emergency use.
  • Elsewhere, Econ Planning Sec Chua estimated forgone wages from five weeks of restrictions in the NCR+ bubble at PHP83.3bn.
  • Philippine overall BoP data should be released by the end of this week.
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