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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
PHP
Spot USD/PHP trades little changed at PHP48.08, looks poised to wrap up the week on the front foot after two weeks of losses. The rate sits comfortably within its monthly & weekly ranges, establishing itself above the PHP48.00 mark as it looks for a clear direction (as evidenced by the convergence between directional movement lines, with the ADX sitting at seven-month lows).
- Just to recap, Philippine Tsy said Thursday that the nation's debt to GDP ratio is expected to rise to about 53% this year after dropping to a multi-decade low of 39.6% in 2019. The figures were revealed in the Tsy's annual fiscal risk statement. Elsewhere, BSP said that FDI fell 12.3 Y/Y to $523mn in Sep, while the Statistics Authority noted that FDI pledges approved in Q3 fell 83% Y/Y to $6.45bn.
- BSP Gov Diokno said in a statement today that the Monetary Board has introduced a cap on the amount of loans to micro- small- and medium-sized enterprises and large enterprises "that may be utilized by BSP-supervised financial institutions (BSFIs) as alternative compliance with the reserve requirements (RR)." Aggregate loans to MSMEs and LEs under this relief measure should not exceed P300.0 billion and P425.0 billion, respectively. The Gov said that banks and financial institutions can use such loans as alternative compliance to RRR through Dec 29, 2022.
- Separately, BSP said that domestic consumer confidence is less pessimistic for Q4 (-47.9% vs. record low of -54.5% seen in Q3) and has turned positive for 1Q2021.
- Dec 4 low/round figure of PHP48.02/00 are eyed for initial support, with Oct 20, 2016 coming up next at PHP47.95, followed by the channel floor at PHP47.86. On the topside, focus falls on the channel top/50-DMA at PHP48.28/32 and a break here would open up Nov 13 high of PHP48.48.
- Philippine Trade Sec will testify to Senators on the RCEP deal at 13:00 local time, while BSP will hold a briefing on Q3 current account at 14:00.
- With no releases left on the Philippine economic docket this week, focus turns to next week's overseas remittances & BSP MonPol decision.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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