* Baht on track to recede over 1% for the week * Won strengthens to highest in over a week * Taiwan dollar on track for second straight weekly loss * Graphic: World FX rates tmsnrt.rs/2RBWI5E * Asian stock markets: tmsnrt.rs/2zpUAr4 By Soumyajit Saha June 25 (Reuters) - The Philippine peso weakened on Friday, a day after the country"s central bank maintained a dovish policy stance, while the Thai baht rose slightly from its lowest level in over one year. The Bangko Sentral ng Pilipinas promised on Thursday to keep policy accommodative, citing lingering downside risks to growth from the continued "threat of COVID-19 infections". The peso gave up as much as 0.3% and was set to be flat over the week, with ING economists expecting it to "remain under pressure in the near term on concerns about the timing of U.S. Fed tapering." Emerging market assets, generally considered riskier investments, suffered broad losses last week after the U.S. Federal Reserve indicated it may raise rates earlier than expected and signalled tapering its bond buying programme. The Philippine government was forced to reimpose stricter lockdown in parts of the country this month as infections rose, and lowered its economic growth targets for this year and the next in May. The Thai baht strengthened slightly after hitting 13-month lows this week after the central bank downgraded its annual growth forecasts. But the baht was still on track to shed more than 1% for the second consecutive week, while Thai stocks rose marginally after six straight sessions of losses. "Despite bullish global sentiment ... we believe the double whammy of COVID-19 and domestic political concerns would continue to keep any rebound in check," Phillip Securities (Thailand) said in a note to clients. Elsewhere in Asia, stocks rose in Indonesia and Manila, tracking U.S. indexes which hit record highs overnight after President Joe Biden embraced a bipartisan Senate infrastructure deal. Taiwan stocks rose over 1% to their highest in more than a month, while the Taiwan dollar also strengthened to register its best session in two weeks. The dollar though was on track for its second consecutive weekly loss. South Korea"s won hit its highest level in over a week, a day after the country"s central bank said it expected upward inflationary pressure, reinforcing views that the bank is shifting to a less accommodative monetary policy. The won was set for a modest weekly gain after weakening nearly 2% last week. Asia stock indexes and currencies at 0334 GMT COUNTRY FX RIC FX FX INDEX STOCK STOCKS DAILY % YTD % S YTD % DAILY % Japan +0.02 -6.86 0.75 6.01 China +0.11 +0.97 0.49 3.20 India +0.00 -1.48 0.00 12.94 Indonesia +0.03 -2.70 0.70 1.25 Malaysia +0.00 -3.32 0.14 -4.26 Philippines -0.11 -1.17 0.42 -3.15 S.Korea +0.50 -3.81 0.54 14.98 Singapore +0.03 -1.60 0.13 9.84 Taiwan +0.35 +2.07 0.84 19.15 Thailand +0.13 -5.79 0.51 9.97 (Reporting by Soumyajit Saha in Bengaluru; Editing by Ana Nicolaci da Costa) Our Standards: The Thomson Reuters Trust Principles.