* Most EM Asia currencies inch higher * U.S. inflation figures eyed * Indonesia stocks ease after growth forecast cut By Shashwat Awasthi July 13 (Reuters) - Philippine stocks slipped more than 1% on Tuesday after credit ratings agency Fitch downgraded its outlook on the country, stoking fears that other agencies would also lower their view of the economy which has been battered by the coronavirus pandemic. Fitch on Monday lowered its outlook to "negative" from "stable", citing weakening fiscal finances and increased credit profile risks, though it affirmed Philippines" investment grade score. Equities in Manila gave up all of Monday"s gains even as officials quickly downplayed the revision and insisted the drag from the pandemic, which led to a record 9.6% economic contraction in 2020, was transitory. "Market reaction was expected as investors now fret possible action from either Moody"s or S&P in the near term," said Nicholas Mapa, a senior economist at Dutch bank ING. Mapa said Philippines" elevated debt-to-GDP and deficit-to-GDP levels would likely deteriorate in the coming months and he did not expect a substantial pickup in growth momentum as the nation grapples with pandemic-led curbs. Elsewhere in the region, Indonesia"s stocks were modestly lower, a day after the central bank cut its forecast for 2021 economic growth and as the largest Southeast Asian economy saw another record daily rise in COVID-19 cases. Moves in other emerging Asian markets were mild as investors awaited inflation data from the United States later on Tuesday and Federal Reserve Chair Jerome Powell"s testimony this week for cues on early tapering. South Korea"s won rose 0.2% and the KOSPI index added 0.8% to lead gains in the region, while stocks in Taiwan and Singapore gained 0.6% each. A higher-than-expected core inflation reading from the United States "may stoke inflation concerns and lead the U.S. dollar higher, weighing on equity markets," said Margaret Yang, a strategist at news and research website DailyFX.com. HIGHLIGHTS: ** Singapore"s 10-year benchmark yield is up 1.9 basis points at 1.477%. ** In the Philippines, top losers are Ayala Land down 2.6%, Universal Robina Corp down 2.5%, and LT Group down 2.3%. ** Top losers on the Jakarta stock index include Sarana Meditama Metropolitan down 11.6%, Adi Sarana Armada down 7.3%, and Jembo Cable Company down 7%. ** Graphic: World FX rates tmsnrt.rs/2RBWI5E ** Asian stock markets: tmsnrt.rs/2zpUAr4 Asia stock indexes and currencies at 0326 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY YTD % DAILY YTD % % % Japan -0.03 -6.47 0.78 4.91 China +0.17 +0.98 0.11 2.27 India +0.00 -2.02 0.00 12.24 Indonesia +0.00 -3.11 -0.04 1.62 Malaysia +0.10 -3.94 0.35 -6.70 Philippines +0.08 -4.32 -1.26 -4.38 S.Korea +0.24 -5.07 0.70 13.77 Singapore +0.16 -2.11 0.76 11.51 Taiwan +0.11 +1.79 0.83 21.93 Thailand +0.12 -8.15 1.01 8.02 (Reporting by Shashwat Awasthi editing by Richard Pullin) Our Standards: The Thomson Reuters Trust Principles.