The SGD to PHP exchange rate currently exhibits a bearish bias. Key drivers include the interest rate differential, where the Monetary Authority of Singapore has maintained its policies despite resilient growth, compared to the Bangko Sentral ng Pilipinas, which recently cut rates. This divergence supports the Singapore dollar. Additionally, Singapore's stronger-than-expected economic growth contrasts with the Philippine peso's struggles amid challenges affecting investor confidence. Inflation projections indicate stability for the peso, but the recent record low against the US dollar adds pressure. Over the next 1-3 months, the expected trading range for SGD to PHP should remain stable, with slight fluctuations likely due to current market conditions. Upside risks include improved governance reforms in the Philippines that could attract investors, while downside risks may arise from continued monetary easing in both economies, potentially deepening the peso's decline.