* Philippine peso weakest in nearly 11 months * Indonesia imposes curbs to check virus spread * Graphic: World FX rates tmsnrt.rs/2RBWI5E * Asian stock markets: tmsnrt.rs/2zpUAr4 By Soumyajit Saha July 1 (Reuters) - Philippine stocks outperformed their regional peers on Thursday and hit their highest level in over four months as the country"s unemployment rate fell, while Indonesian equities strengthened to near one-week highs. The Philippine Statistics Authority said here the unemployment rate for May was estimated at 7.7%, down from 8.7% reported in April, as the economy slowly reopened. The decrease in unemployment was "sending a more positive signal to markets", said Ruben Carlo O. Asuncion, chief economist at The Union Bank of the Philippines. The respite may be short-lived, however, as the Philippines has this week extended curbs on movement and businesses in parts of the country until mid-July as it battles a surge in coronavirus infections. Indonesia stocks were on track to rise for the third consecutive session after Monday"s over 1.3% drop, even as the country"s president confirmed tougher emergency measures to control spiking COVID-19 cases will be put in place from July 3-20. Data earlier in the day showed Indonesia"s inflation rate eased to a 10-month low in June amid stricter coronavirus curbs. Inflation has stayed below the central bank"s target range of 2% to 4% since mid-2020, as the pandemic dampened domestic demand. Meanwhile, currencies in broader emerging Asia markets weakened slightly as the spread of the Delta variant of the coronavirus kept risk sentiment in check and as the dollar hit a 15-month high versus the yen ahead of a key U.S. jobs report. As countries try to ramp up vaccinations, progress across the region "will have to see some significant pick-up to deal with the spreads," Yeap Jun Rong, a market strategist at IG, said in a note. The Philippine peso weakened 0.5% to its lowest in nearly 11 months, while the Indonesian rupiah fell 0.4% to its weakest in over two months. Malaysia stocks rose 0.5% to their highest in nearly two weeks, while Singapore stocks extended their rally from Wednesday to advance as much as 0.6%. HIGHLIGHTS ** Indonesian 10-year benchmark yields are down 1.6 basis points at 6.614% ** In the Philippines, top index gainers are Ayala Land Inc , up 3.33%, and Aboitiz Power Corp, up 3.07% Asia stock indexes and currencies at 0400 GMT COUNTRY FX RIC FX FX INDEX STOCK STOCKS DAILY YTD % S YTD % % DAILY % Japan +0.02 -7.06 -0.54 4.35 China -0.10 +0.99 -0.07 3.33 India +0.00 -1.70 0.20 12.66 Indonesia -0.17 -3.31 0.42 0.52 Malaysia -0.07 -3.20 0.44 -5.40 Philippines -0.43 -2.12 1.32 -2.05 S.Korea -0.57 -4.09 -0.52 14.13 Singapore -0.02 -1.82 -0.01 10.07 Taiwan +0.00 +2.20 -0.16 20.32 Thailand +0.12 -6.38 0.14 9.70 (Reporting by Soumyajit Saha in Bengaluru; Editing by Kim Coghill) Our Standards: The Thomson Reuters Trust Principles.