USD/PHP has inched higher and last.......>

DOLLAR-PHP: USD/PHP has inched higher and last sits +8 pips at PHP50.62. We

heard from BSP Gov Diokno, who said that Philippine overseas remittances may

fall this year due to the coronavirus pandemic, although the central bank is

still forecasting a growth in remittances. Diokno noted that PHP will remain

stable nonetheless, as reserves are poised to remain healthy.

- Philippine Star reported that "the gov't is poised to decide today whether to

relax the restrictions in Metro Manila".

- Elsewhere, Philippine House of Representatives' special committee for fighting

Covid-19 approved a PHP1.3tn stimulus package yesterday.

- A break above May 22 high of PHP50.80 would draw bullish attention to May 18

high of PHP50.91. Bears set their sights on May 14 low of PHP50.25, the worst

level since early 2018.

- The Philippines will release of BoP, foreign reserves and overseas remittances

at some point later this week.