USD/PHP Extends Pullback, Philippines May Have To Review Growth Targets

USD/PHP has faltered and last sits at PHP48.631, slightly below the prior close but off earlier session lows. Feb 19 low of PHP48.395 continues to grab bearish attention and a break here would open up Feb 17 low/100-DMA at PHP48.281/48.236. Bulls need to retake yesterday's high of PHP48.755 before targeting the 200-DMA at PHP48.880.

• Philippine Start cited Socioeconomic Planning Sec Chua as noting that the Philippines will have to review its 2021 growth targets, following Pres Duterte's decision not to loosen mobility restrictions for now.
• Cabinet Sec Nograles said that the President "is just asking for a little more time [before making a decision on economic re-opening] because, again, it's a step by step process for him. There should be a vaccination rollout first; let's wait and let's see a good and successful rollout of the vaccination." He added that easing some restrictions is considered for next month.
• The Philippine Statistics Authority said that foreign investment pledges fell 67.5% Y/Y in Q4 and totalled PHP36.5bn. Investments from the U.S., the top contributor, amounted to around one third of the total.
• The Philippines will publish budget balance on Friday, while overall BoP will hit the wires at some point during the remainder of this week.