EMERGING MARKETS-Baht, peso tumble as short-term risks linger

* Philippine peso set to weaken over 2.5% in Sept * Singapore shares surge more than 1% By Shashwat Awasthi Sept 27 (Reuters) - Thailand's baht and the Philippine peso eased on Monday, with analysts sceptical about the near-term prospects of both currencies, while other emerging Asian units eked out meagre gains against a broadly flat U.S. dollar. The baht weakened 0.6%, playing catch up with peers that had eased while Thai markets were closed on Friday. The region's worst performing currency this year has lost more than 10% against the dollar. Investors also digested weaker-than-expected export data from Southeast Asia's second-largest economy and looked ahead to the Bank of Thailand's (BoT) policy meeting on Wednesday. Selling pressure is likely to remain on the baht due to prolonged impact of recent COVID-19 outbreaks in Thailand which dented consumer confidence, as well as the delayed reopening of major cities for tourists, said Poon Panichpibool, a strategist at Krung Thai Bank. The tourism-reliant nation last week delayed plans to grant vaccinated visitors entry without quarantine to November. It also raised its public debt ceiling, which Panichpibool said would likely lead the BoT to opt against cutting its benchmark interest rate. "I think the BoT now feels so relieved that the government will do the heavy lifting while the BoT will try to support the recovery via liquidity supports program like cheap loans or soft loans for SMEs (small and medium enterprises)." The Philippine peso, which has depreciated more than 2.5% in September after data this month pointed to a burgeoning trade deficit, lost more than 0.5% and hit a fresh two-month low. "The widening trade deficit and general winding down of financial account flows are two factors that will likely weigh (on the peso)," said Nicholas Mapa, senior economist at Ducth bank ING. Markets were also cautious as they awaited updates on developer China Evergrande's debt crisis, though a slight uptick in risk sentiment helped stocks in Singapore , South Korea and Taiwan gain. Singaporean shares hit a near three-week high, shrugging off a recent spike in COVID-19 infections which prompted the city-state to halt further reopening and tighten curbs. Singapore's manufacturing sector "may remain resilient as seen from previous phases of restrictions... previous business adjustments and softer tightening compared to past restriction phases may aid to reduce some impact," Yeap Jun Rong, strategist at IG, said in a note to clients. Bucking the trend, Chinese shares slumped as much as 1.3%, weighing on other regional markets including Indonesia and Malaysia. HIGHLIGHTS: ** Indonesian 3-year benchmark yields are up 2.8 basis points at 4.615%. ** The top gainer on Singapore's benchmark index was Capitaland Investment, up 7%. Asia stock indexes and currencies at 0638 GMT COUNTRY FX RIC FX FX INDE STOCKS STOCK DAILY YTD % X DAILY S YTD % % % Japan +0.06 -6.70 <.N2 -0.03 10.19 25> China EC> India +0.06 -0.79 <.NS -0.09 27.57 EI> Indones +0.01 -1.50 <.JK -0.33 2.43 ia SE> Malaysi +0.07 -3.92 <.KL -0.31 -6.14 a SE> Philipp -0.53 -5.77 <.PS 0.07 -2.57 ines I> S.Korea 11> Singapo +0.02 -2.37 <.ST 1.37 9.12 re I> Taiwan +0.05 +2.76 <.TW 0.31 17.52 II> Thailan -0.66 -10.4 <.SE 0.13 12.69 d 6 TI> (Reporting by Shashwat Awasthi; Editing by Rashmi Aich)