Forex News: Philippine USD bonds, CDS unchanged after government announces PHP769 million in budget surplus. "It's already priced in," says Manila-based trader at European bank. June surplus, which trimmed 1H budget deficit to PHP18 billion vs PHP41 billion target for period, not surprising, some market participants say, given government been spending less than target and posting higher revenues; it remains to be seen whether this will continue in 2H given pressure on government to provide subsidies for poor amid rising oil, food prices. Philippine 5-year CDS currently at 264-268 bps
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