EMERGING MARKETS-Philippine peso, equities fall; Asian assets subdued ahead of US inflation data

* South Korean won hits lowest in over a week * U.S. inflation data in focus * India inflation likely eased in October - Reuters poll By John Biju Nov 13 (Reuters) - Equities and currencies in the Philippines retreated on Monday, ahead of a monetary policy meeting later in the week in the wake of strong economic growth in the third quarter and an inflation print still worrying the central bank. The peso retreated 0.5% to 56.110 per dollar, while equities in Manila fell 0.6%. The South Korean won slid 0.7% to hit its lowest level since Nov. 3. Last week, the Philippine central bank signalled it was willing to take further monetary policy action if needed to tame consumer price expectations, with risks to the inflation outlook leaning towards the upside even though recent data has shown strong economic growth in the third quarter. Market participants are awaiting the policy decision from the Bangko Sentral ng Pilipinas on Thursday, with most analysts expecting no change to interest rates. HSBC analysts said in a note the central bank was likely to maintain its "hawkish rhetoric given upside risks to inflation". Regional assets elsewhere were also subdued as market participants traded cautiously ahead of the U.S. inflation data due on Tuesday, which could provide a clearer pathway on U.S. interest rates. Given that market consensus expects a further slowdown in the headline CPI and core CPI remaining unchanged, there could be some upside surprises, said Poon Panichpibool, markets strategist at Krung Thai Bank. Panichpibool added that if inflation is higher than expected, it could be quite bearish for Asian currencies. "If the US CPI inflation figures do meet the market's expectations or below, I think it could help slowdown depreciation momentum across Asia FX," he added. The Thai baht declined 0.3% while the Indonesian rupiah and the Chinese yuan slipped 0.2% each. Among regional equities markets, shares in Thailand fell 0.4% while shares in South Korea edged 0.2% lower. Taiwan shares advanced 0.9% to hit their highest level since Sept. 18. Shares in Indonesia climbed 0.5%. Market participants are also awaiting consumer price data from India later in the day for clues about the interest rate outlook in Asia's third-biggest economy. The pace of India's consumer price inflation likely eased further to a four-month low of 4.80% in October, according to a Reuters poll. HIGHLIGHTS: ** Indonesia's 10-year benchmark yields rise 1.9 basis points to 6.787% ** Indonesia revises 2023 bonds issuance target to $28 bln, to cover early 2024 expenses ** Philippines' BPI plans at least $300 mln bonds in Q2 2024 Asia stock indexes and currencies at 0607 GMT COUNTRY FX RIC FX FX INDE STOCK STOCK DAILY YTD % X S S YTD % DAILY % % Japan -0.19 -13.6 <.N2 0.05 24.87 2 25> China EC> India +0.04 -0.71 <.NS -0.45 7.36 EI> Indones -0.15 -0.94 <.JK 0.47 -0.13 ia SE> Philipp -0.48 -0.77 <.PS -0.62 -6.74 ines I> S.Korea -0.67 -4.86 <.KS -0.21 7.52 11> Singapo -0.08 -1.57 <.ST - -4.45 re I> Taiwan -0.06 -5.14 <.TW 0.94 19.11 II> Thailan -0.33 -4.25 <.SE -0.44 -17.1 d TI> 0 (Reporting by John Biju in Bengaluru; Editing by Edwina Gibbs and Janane Venkatraman)