Restrictions In Manila Extended, Philippines Seek To Expedite Vaccination Drive

Spot USD/PHP has lost some altitude in early Manila trade, despite yesterday's announcement of the extension to mobility curbs in the NCR+ region. The rate last operates -0.105 at PHP48.548.

• The gov't announced that General Community Quarantine restrictions in Metro Manila and adjacent provinces will be extended through Jul 15, with less stringent rules in the rest of the country left unchanged.
• Vaccine czar Galvez suggested that the Philippines will intensify vaccination efforts to 8mn jabs a month. Pres Duterte pledged to deploy all gov't assets to store and distribute the vaccines.
• Duterte again floated the idea of running for vice presidency in 2022 on Monday, noting that he might do so "if there is space for me". Duterte has a history of U-turns in declarations about running in elections, having repeatedly denied his willingness to join the presidential race before his eventual victory in 2016.
• Philippine bank lending data are expected to hit the wires at some point this week, but there is no fixed time of the release. Elsewhere, the latest Markit M'fing PMI & labour market report are due Thursday.
• From a technical perspective, losses past Jun 25 low of PHP48.467 would clear the way to the 200-DMA at PHP48.279. Conversely, a rebound above Jun 24 high of PHP48.910 would bolster the bullish case.
• USD/PHP 1-month NDF last -0.080 at PHP48.630, with initial downside focus falling on Jun 28 low/100-DMA at PHP48.430/48.425. Bulls keep an eye on Jun 24 high of PHP48.970.