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Analysts said the Philippines has a strong fiscal position and they expect the government will use it to mitigate the impact of the pandemic on the country's economy. The Philippines' GDP contracted by 0.2 percent in the first quarter and the country's economic managers forecast that this year's GDP might decline as much as 3.4 percent－the first contraction in more than 20 years.

Analysts, though, said that while the release is expected to ease tensions in bilateral dis-putes, a rocky path still lies ahead for a full diplomatic recovery.

Analysts, however, noted that the new methodology has retained the practice that the weighting of stocks is determined based on their total capitalization, instead of free-float market value, making the index's overweighting in traditional sectors such as banks linger.

And speaking of WorkDocs, AWS is gearing up for an expansion of the cloud-based file management program. A separate job posting for a principal product manager shows the company has ambitions to turn WorkDocs into a more comprehensive suite of collaborative tools.

Analysts believe the moves were made to stabilize market expectations as banks' liquidity demand could increase due to taxes and required reserves as well as more maturing securities.