Philippines Mull Tighter Restrictions After Detecting New Coronavirus Variant

Spot USD/PHP remains trapped within a tight range just above PHP48.00, last sitting -2 pips at PHP48.05. A break under Dec 28, 2020 low/nearby round figure at PHP48.01/00 would shift focus to Oct 20, 2016 low of PHP47.95. Conversely, a move through Jan 11 high of PHP48.13 would bring the 50-DMA at PHP48.15 into play.

• Philippine overseas remittances edged 0.3% Y/Y higher in Nov, with markets expecting a faster, 3.5% growth. Remittances gained 2.9% in Oct.
• Health officials said that the Philippines will tighten border controls after a new, more infections variant of coronavirus was detected in the country. Inbound travel from UAE will be banned, while the gov't will consider requiring all visitors to undergo a two-week isolation.
• Philippine Pres Duterte said his daughter & Davao City Mayor Sara Duterte should not run to succeed him in 2022, arguing that "presidency is not for women." Opinion polls showed Sara Duterte was a frontrunner to win the 2022 election, supported by more than a quarter of respondents.
• Next week, the local docket is headlined by Thursday's trade report.