The market bias for the HKD to PHP exchange rate appears to be range-bound in the near term. Key drivers include the interest rate differential, as the Hong Kong Monetary Authority (HKMA) is expected to maintain stable rates while the Bangko Sentral ng Pilipinas (BSP) has recently cut rates. The risk sentiment remains sensitive due to ongoing concerns about economic growth in the Philippines, which has been negatively impacted by political issues. Market forecasts indicate that the HKD-PHP exchange rate may continue to trade within a modest range, with minor fluctuations reflective of recent price movements. Upside risks could arise from improved economic governance in the Philippines, boosting investor confidence. Conversely, a continued decline in the PHP against the USD could put downward pressure on the HKD-PHP exchange rate, particularly if new monetary easing measures are introduced in the Philippines.