The currency rose 0.7 percent to 46.77 per dollar as of 3.25pm in Manila, after initially dropping as much as 0.3 percent from Friday’s close, prices from the Bankers Association of the Philippines show. The peso declined 1.8 percent in April in Asia’s worst performance. The Philippine Stock Exchange Index jumped 2.6 percent, the most since Jan. 27, ending a two-day drop. Local financial markets were closed on Monday.

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Dollar Bonds

The country’s dollar-denominated bonds due in 2041 advanced for a fourth day, sending the yield down three basis points to 3.26 percent, according to Bloomberg Bond Trader prices. Local-currency notes were steady, with the yield on the benchmark 10-year debt at 3.94 percent, prices compiled by Bloomberg show. It has risen 29 basis points from this year’s low of 3.65 percent on April 20.

Duterte told reporters he may appoint Carlos Dominguez, a former agriculture secretary to the late President Corazon Aquino, as finance or transport chief, and may turn to his running mate Alan Cayetano as foreign secretary. Dominguez owns a hotel and is Duterte’s childhood friend.

Once labeled Asia’s “sick man,” the nation of 101 million people has earned World Bank praise as the continent’s “rising tiger” under outgoing leader Benigno Aquino III, posting average annual growth of 6.2 percent over the past six years, the fastest pace since the 1970s.

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“The business sector will also be anxious to see what policies Duterte has planned for the economy and investment,” NAB’s Wee said. “In the meantime, the market is likely to wait and watch, and we would expect that the dollar-peso would be fairly supported around current levels.”