Philippine peso gains 0.4 percent to $48.30 as investors pick up riskier assets after US data on Friday showed job losses were less severe than many had feared.

"I think there is some risk appetite going on," says a trader in Manila.

The US unemployment rate hit a 25-year high of 8.1 percent in February as employers cut 651,000 jobs, data showed on Friday, but the fall in payrolls was not as bad as the market's worst expectations.