* Financial markets in Singapore, Japan closed for holidays * Philippine stocks rise 1.4% to lead gains * Emerging FX fall on greenback strength By Harish Sridharan Aug 9 (Reuters) - Philippine stocks rose over a percent on Monday after the country"s central bank said it would keep its monetary policy loose, while Chinese shares rebounded as signs of slowing economic growth fanned hopes of fresh stimulus. The peso firmed 0.4% and local stocks rose 1.4% to hit a three-week high after Bangko Sentral ng Pilipinas (BSP) forecast a strong economic recovery in the second quarter. Philippine policymakers will meet on Thursday to decide on key interest rates, while second-quarter economic data will be released on Tuesday. Governor Benjamin Diokno said the central bank would stay accommodative for as long as needed to ensure a sustainable economic recovery from the COVID-19 pandemic as the Manila capital region remains in a lockdown. However, some market views on growth prospects for the Philippines were less upbeat, with ING senior economist Nicholas Mapa expecting a quarter-on-quarter contraction. "With the economy likely exiting then re-entering recession, we expect BSP to maintain monetary support for the balance of 2021 and well into 2022," Mapa said. Financial markets in Japan and Singapore were shut due to a holiday. Shanghai stocks rose 1.1% after a jump in factory gate inflation and a dip in exports in July pointed to a straining economy amid a severe COVID-19 outbreak in China, raising expectations that the country"s central bank may have to ease rates. The unpredictability of Beijing"s regulatory crackdowns has kept investors on edge of late, while several global banks downgraded the world"s second biggest economy"s growth forecasts recently. Meanwhile, the greenback strengthened after a strong U.S. jobs report stoked bets that a reduction in asset purchases could start this year and higher interest rates could follow as soon as 2022. The Thai baht, Indonesian rupiah and South Korean won lost between 0.2% and 0.3%. Equities in India rose marginally, led by auto stocks after monthly data showed an uptick in July retail sales. Equities in Thailand and Malaysia rose 1.1% and 0.3%, respectively. Highlights ** Indonesian 10-year benchmark yields are down around 10.3 basis points at 6.288% ** In the Philippines, the top index gainer was Ayala Land Inc, up 4.64% ** China"s semiconductor subindex CSI All Share Semiconductors & Semiconductor Equipment index dropped 2.4% Asia stock indexes and currencies at 0721 GMT COUNTRY FX RIC FX DAILY % FX YTD % INDEX STOCKS STOCK DAILY S YTD % % China +0.12 +0.80 1.05 0.62 India -0.11 -1.59 0.11 16.27 Indonesia -0.17 -2.33 -1.18 2.52 Malaysia -0.14 -4.81 0.27 -8.20 Philippines +0.41 -4.68 1.42 -7.10 S.Korea -0.19 -5.08 -0.30 13.47 Taiwan -0.00 +2.41 -0.23 18.68 Thailand -0.33 -10.43 1.14 6.19 (Reporting by Harish Sridharan in Bengaluru;p Editing by Amy Caren Daniel) Our Standards: The Thomson Reuters Trust Principles.