• The Philippine peso falls from near a seven- month high on concern slowing global growth will weigh on the domestic economy. The currency also weakens with its regional peers as the dollar rallies.
  • USD/PHP rises 0.5% to 54.85 after dropping to 54.475 Monday, lowest since June.
  • Philippine economy is forecast to grow by around 6.5% this year after likely expanding much faster than the government’s target of 6.5% to 7.5% in 2022, Finance Secretary Benjamin Diokno said.
  • An expected slowdown in the global economy may impact growth for 2023 but it’s “still one of the highest if not the highest growth projection in the Asia Pacific region,” he said in a statement.
  • Remittances rose 5.7% y/y (est. +4.2%) in November versus +3.5% in October, BSP said Monday.
  • Global funds bought a net $19.9m in local equities on Monday, biggest inflow since Aug. 16, according to exchange data.