Risk-on tone linked to the touted........>

DOLLAR-PHP: Risk-on tone linked to the touted progress in works on Covid-19

treatment allowed the rate to open a touch lower today, but steady buying since

then has taken USD/PHP above neutral levels. It last trades at PHP50.82, 4 pips

richer.

- Worth re-flagging yesterday's interview with BSP Gov Dionko on CNN

Philippines. The off'l said that Philippine central bank still has an ample

amount of ammunition to support the economy. His comments came after a 50bp cut

to the policy rate delivered by the BSP at Thursday's unscheduled meeting. The

regular, May 21 MonPol meeting has been called off.

- The BSP move came as no surprise, anticipated by Diokno in earlier public

appearances. It was accompanied by a slew of measures to support small firms.

- A presidential adviser said the Philippines will review the timing & funding

of infrastructure projects in a bid to raise funds for fighting Covid-19.

- The rate has taken out its 50- & 100-DMAs, both at PHP50.80, and bulls look

for a rally towards Apr 2 high of PHP51.01. On the downside, a fall below Apr 14

low of PHP50.55 would open up Mar 11 low of PHP50.46.