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Philippines To Cut Import Tariffs Amid Rising Food Prices

PHP

Spot USD/PHP has edged higher and last trades +0.027 at PHP52.377, with bulls setting their sights on PHP52.487, a recent cycle high. Conversely, losses past Mar 17 low of PHP52.110 would turn focus to PHP52.045, which limited losses on Mar 10.

  • USD/PHP 1-month NDF last +0.050 at PHP52.570. Bulls keep an eye on Mar 14 high of PHP52.940, while bears look for a slide through Mar 9 low of PHP51.830.
  • FinSec Dominguez said Friday that the Philippines will cut tariffs, remove other barriers and expand import source base to keep food prices in check.
  • Domestically, focus turns to Thursday's monetary policy decision from Bangko Sentral ng Pilipinas. Policymakers are widely expected to keep interest rates unchanged.
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