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Philippines Keep Current COVID Alert Settings, Eyes Mid-August Revamp

PHP

Spot USD/PHP trades -0.025 at PHP56.342, with bears looking for a dip through Jun 29 low of PHP54.600. Bullish focus remains on PHP56.500, an all-time high.

  • USD/PHP 1-month NDF last seen -0.030 at PHP56.530. Bears look for losses towards Jun 28 low of PHP54.740, while bulls keep an eye on the record high of PHP56.740.
  • President Marcos noted that the authorities are planning to revise the COVID-19 mobility restrictions framework in mid-August. This will be a suitable time to "loosen up," giving the healthcare system ample time to adjust to the rising number of mild COVID-19 cases driven by the Omicron BA.5 variant.

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