By Rajasik Mukherjee

Feb 20 (Reuters) - The Philippine peso slipped to its lowest in a week on Friday and most other regional currencies traded in tight ranges, while South Korean and Singapore stocks surged to record highs.

The peso PHP= depreciated 0.3%, dropping to its lowest since February 12, after the Philippine central bank made a 25-basis-point cut on Thursday, a largely priced-in move that did not immediately stir the market.

However, investors heeded caution from the central bank governor's tone after he said policy outlook would depend on how quickly confidence returned in the economy.

"The BSP's cut came with cautious guidance, reflecting a weaker-than-expected recovery, softer confidence indicators and delays in government spending," said Radhika Rao, senior economist at DBS Bank.

For the week, peso has risen 0.4% so far, set to snap a four-week streak of losses.

Analysts also pointed out that the rise in oil prices could impact Asian currencies, especially the peso.

"Brent prices have climbed by around $10 a barrel since the start of the year and this makes the outlook for Asia FX less bullish on the margins," said Abbas Keshvani, Asia Macro Strategist at RBC Capital Markets.

"Most major economies in the region are net oil importers, especially Thailand, India, Korea, and the Philippines...PHP will come under greater depreciation pressure if energy prices remain elevated."

Elsewhere in the region, the Indonesian rupiah IDR= was down 0.2% in early trade but soon pared losses to trade flat.

Indonesia and the United States signed a reciprocal trade deal on Friday that keeps Washington's 19% tariff on Indonesian exports unchanged.

The rest of the region's currencies struggled for momentum, with several set to log weekly losses

The Singapore dollar SGD=, down 0.6% for the week, was on track for its worst week since mid-November and the Thai baht THB=TH has declined 0.4% so far this week.

On the equities front, the South Korean stocks .KS11 rose over 2% to scale a record. The index, which was crowned the world's best-performing major stock market in 2025, has gained 5.3% so far this week.

Singapore stocks .STI rose as much as 0.5% to a hit a record high as well, but has since pared its gains to trade flat.

The stock index has risen 1.4% so far this week, eyeing its best week since mid-January. The index was tracking its ninth consecutive week of gains.

Equities in Indonesia .JKSE and the Philippines .PSI traded flat, but were heading for weekly gains.

Thailand stocks .SETI shed 0.6%, but was set to rise 3.4% this week, its sixth consecutive week of gains.

Markets in China and Taiwan were closed on Friday due to the Lunar New Year holidays.

HIGHLIGHTS:

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(Reporting by Rajasik Mukherjee in Bengaluru; Editing by Janane Venkatraman)

((Rajasik.Mukherjee@thomsonreuters.com))