USD/PHP slipped and last trades -8.......>

DOLLAR-PHP: USD/PHP slipped and last trades -8 pips at PHP49.85, as broader risk

appetite has recovered. BSP Gov Diokno spoke with ABS-CBN News Channel, noting

that PHP will remain stable over the policy horizon, buoyed by sizeable foreign

reserves. Diokno commented on last week's surprise cut to the main policy rate

by 50bp, noting that the decision was unanimous and the BSP still has room to

trim the key interest rate & RRR.

- Separately, on Saturday Diokno told reporters that the S&P's forecast pointing

to a 3% contraction in the Philippines' GDP this year "should be seen in a

positive light", as it is better than the IMF's & ADB's forecasts. S&P's

expectations of a strong rebound in 2021 is also "good news".

- The Philippine Daily Inquirer reported that Metro Manila will reopen more

public transport routes this week.

- Bears see Jun 8 low of PHP49.80 as their key near-term target. The level had

been previously seen in Jan 2018. Conversely, a jump above Jun 23 of PHP50.25 is

needed to bring Jun 15 high of PHP50.38 into play.

- Philippine Markit M'fing PMI is due this Wednesday.