Spot USD/PHP trades +0.069 at PHP58.994, close to the record highs of PHP59.005. 1-month NDF last seen -0.020 at PHP59.230, with bulls keeping an eye on the all-time high of PHP59.460.

• Offshore investors bought a net $3.24mn in Philippine stocks last Friday, with the PSEi operating marginally lower. The benchmark index has resumed losses this morning and last deals 1.3% lower on the day.
• BSP Gov Medalla said after hours Friday that the central bank has been "very active" in the FX market to curb peso volatility. He said monetary policy will be guided by inflation dynamics rather than FX market developments, but Bangko Sentral "will not allow excessive changes in the exchange rate." Separately, the central bank said it may tighten FX transaction reporting regulations as part of its efforts to limit peso volatility.
• Philippine monthly trade data will cross the wires tomorrow. Headline trade deficit is expected to have shrunk to $5.800bn in August from $5.930bn prior.