USD/PHP has erased its initial losses....>

DOLLAR-PHP: USD/PHP has erased its initial losses and last trades +2 pips at

PHP50.73. The 50-/100-DMAs at PHP50.75/76 provide the initial layer of

resistance. A jump above there would turn focus to May 18 high of PHP50.91.

Meanwhile, a retreat under May 14 low of PHP50.25, the worst level since early

2018, would return bears into the driving seat.

- Congresswoman Stella Luz Quimbo said that parliamentary economic stimulus

committee filed a PHP568bn stimulus bill earlier this week, which will be used

to fund wage subsidies, loans for SMEs, emergency employment, infrastructure

projects and mass testing for Covid-19.

- Elsewhere, the "chief implementer" of the gov't's coronavirus policies noted

that the authorities consider shifting lockdowns from regions to villages, with

Pres Duterte adding that tighter restrictions could be reinstated if another

wave of Covid-19 cases is detected.