Virus Surge Sparks Worry

Spot USD/PHP is trapped within yesterday's range and last trades at PHP48.405, slightly lower on the day. A break above the nearby 50-DMA at PHP48.474 would open up the 200-DMA, which intersects at PHP48.544. On the downside, focus falls on the 100-DMA/Apr 20 low at PHP48.278/48.271.

• Philippine Overseas Workers Welfare Administration head asked migrant Filipino workers abroad to delay their return to the country as the budget for designated isolation facilities dries up and "we still have a surge in cases." Pres Duterte was sceptical about Labour Sec Bello's idea to shorten the quarantine period for returning workers.
• The Dept of Tourism wants the removal of travel restrictions and resumptions of tourism in the NCR+ bubble, once strict lockdown measures implemented in the region expire on Apr 30.
• The Dept of Health warned that hospitals in five regions are running out of ICU beds. The ICU utilisation rate in Manila is not at 84%.
• The U.S. asked its citizens to refrain from travelling to the Philippines, owing to "a very high level of COVID-19 in the country."
• Bangko Sentral ng Pilipinas is expected to release overall BoP data by the end of this week.