External Debt Poised For Further Upside

The Philippine's US$ 2025 bond is looking increasingly attractive from a technical perspective having broken above 17-month trendline resistance at 132.00 to close the month at 133.00. We now expect the US$ 2025 bond to make further gains towards 141.00. However, Manila's increasingly strained fiscal position remains a threat to further gains beyond this level.

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