Exports from Vietnam and Taiwan to the US have surged in recent months as US buyers have front-loaded orders ahead of the introduction of tariffs. The strength in exports is likely to continue in the near term, as US importers rush to take advantage of the 90-day tariff pause as well as exemptions for electronic products.
Meanwhile, the sharp fall in inflation in the Philippines last month and the recent weakness of the economy suggest the central bank’s easing cycle is going to continue for a while longer. We are sticking with our view the BSP will lower rates by a further 75bps this year.
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