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DOLLAR-PHP: Worth noting that Governor Diokno flagged earlier that the BSP may
cut its policy rate. On Sunday, the press cited him as saying that "it is now
clear that reverting to where we were in 2018 - policy rate at three percent -
is no longer an appropriate policy goal". He noted that bringing the main
interest rate below 3% is warranted as the economy faces a "once in a lifetime
crisis", adding that another 200bp reduction of the reserve requirement ratio
for banks is "forthcoming". Today's comments come as no surprise, echoing what
we've already heard, which explains lack of material reaction in USD/PHP.