USD/PHP sits 5 pips higher at PHP50.3....>

DOLLAR-PHP: USD/PHP sits 5 pips higher at PHP50.3. Philippine officials rattled

their policy sabres as they spoke about the coronavirus crisis. President

Duterte extended the lockdown of capital region to May 15 and imposed tight

restrictions on several other provinces, threatening to declare martial law if

communist rebels disrupt the supply of vital goods. He warned that funds for

fighting the virus are running dry, but Fin Sec Dominguez clarified that the

gov't has an ample amount of cash, but "no authority to spend that much" at the

moment. Elsewhere, BSP Gov Diokno said that the central bank is ready to use a

full range of tools.

- ICYMI, the World Bank granted a $100mn loan to the Philippines to help the

nation fight the coronavirus outbreak.

- Further gains through the 50-/100-DMAs at PHP50.79/80 would bring Apr 20/2

highs of PHP50.99/51.01 into play. Bears need a break below Apr 14 low of

PHP50.55 to expose PHP50.46, the low of Mar 11.

- Philippine foreign reserves and overseas remittances should hit the wires at

some point over the next few days.