IDR: Bank Indonesia (BI) stood pat to heep rates on hold at 7.5% to anchor IDR stability. it could foresee a space for easing given that pressures on macroeconomic stability have moderated as per previous MPC statements.  Against this backdrop, a 25bps rate cut early next year is likely as long as USD-IDR holds steady.

PHP: Same is the case with Bangko Sentral ng Philipinas (BSP) to keep rates on hold at 4%. The major driving force mentioned was to uphold its flexibility to respond to any potential impact arising from Fed's rate hike. Going forward, we see rates being kept unchanged in H1 next year, with BSP' focus instead on the transition towards a new interest rate corridor from Q2 2016.

TWD: After keeping it unchanged for four years, CBC (Central Bank of the Republic of China (Taiwan)) cut its policy rate by 12.5bps to 1.625%, this fetches the total cuts in H2 to 25bps. The key driver here is to further weaken the TWD and to boost export competitiveness. Unlike most EM economies, capital outflows are not a dominant concern for Taiwan as it has a substantial forex reserves and a large current account surplus.