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Tensions With China Simmer, Delayed COVAX Jabs Expected In May

PHP

Spot USD/PHP re-opened on a softer footing and last changes hands -0.082 at PHP48.303, as the greenback has slipped in early trade. The rate is narrowing in on its 100-DMA, intersecting at PHP48.280, a key near-term support. Bulls keep an eye on the 50-DMA, last seen at PHP48.48.486.

  • Philippine National Task Force Against Covid-19 said it expects delayed batches of Covid-19 vaccines supplied through the COVAX facility to be delivered next month, with 7-8mn doses due to arrive.
  • BusinesWorld reported that the non-performing loan ratio of the Philippine banking sector may top 5% by the end of 2021.
  • Philippine coast guard conducted a maritime drill in the South China Sea, as tensions with China over the disputed waters continue to simmer.
  • The Philippine Star reported that the 2020 revenue from the outsourcing sector, one of the key pillars of the local economy, was little changed from the prior year.
  • Philippine overall BoP data are expected at some point this week. Elsewhere, budget balance hits the wires tomorrow, while money supply & bank lending are due Friday.

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