* Taiwan shares up 1.5%
* Rupiah, shares up after Indonesia Q1 GDP beats forecasts
* Philippine, Taiwan CPI due on Tuesday

By Ayushman Ojha
       May 6 (Reuters) - Equities in Asia climbed on Monday
after rallying last week, as the U.S. Federal Reserve's dovish
tilt and cooler-than-expected jobs data renewed wagers of rate
cuts later in the year, while the Indonesian rupiah firmed after
solid GDP data.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 rose 0.5%. It had climbed 2.2% last week.
Trading was thin on Monday with financial markets of Japan,
South Korea, and Thailand being closed.
    Taiwan shares rose as much as 1.5%, while stocks in
Indonesia added as much as 0.6% after the Southeast
Asian economy grew at the fastest pace in three quarters and
slightly better than expected.
    In the Philippines, shares were up as much as 1%. The
country's April inflation data is due on Tuesday, where the
central bank expects annual inflation to come in between 3.5% to
4.3%.
    The Philippine central bank governor said the Bangko Sentral
ng Pilipinas has leeway to keep policy settings unchanged this
month even if the April inflation reading comes in at 4%.
    "There was some pressure on the Philippines to stabilise the
peso but the signal so far is that they are reluctant to hike
rates and adapt a wait-and-see attitude," said Moh Siong Sim, FX
strategist at Bank of Singapore.
    Elsewhere, Singapore stocks rose as much as 0.5%,
while Malaysian shares touched a fresh two-year high
with a 0.4% gain.
    Regional currencies were mixed after data on Friday showed
U.S. job growth slowed more than expected in April with the Fed
signalling it was still leaning towards eventual rate cuts.
    Markets are now pricing in 45 basis points of cuts this
year, with a rate cut in November fully priced in.
    The broad MSCI emerging markets currency index
 was up 0.2%, after gaining 0.5% in the last
week.
    The Indonesian rupiah was 0.3% higher, while the
Taiwanese dollar gained 0.1%.
    The yen weakened 0.6%, after the strongest weekly
gain in more than 17 months last week on suspected intervention
from Japanese authorities to stop a sharp slide in the currency.
    While mainland Chinese markets were closed for three days
last week, the offshore yuan eased 0.4% on Monday,
after gaining more than 1% last week. It was last down at 7.2175
per dollar.
    In other regional currencies, the Malaysian ringgit
was largely flat, while the Philippine peso inched 0.1%
lower.
    Market participants also await Taiwan's April inflation data
due on Tuesday and Malaysia's key rate decision on Thursday.

    
    HIGHLIGHTS:    
    ** Economic leaders of S.Korea, Japan, China say FX
volatility is a risk
    ** Philippines says won't raise South China Sea tensions,
won't use water cannons
    ** Bank Indonesia confident rupiah will strengthen into
year-end, governor says
    
    
  Asia                                              
  stock                                        
 indexes                                       
   and                                         
 currenc                                       
 ies at                                        
  0459                                         
   GMT                                         
 COUNTRY  FX RIC        FX    FX  INDE  STOCK  STOCK
                     DAILY   YTD     X      S  S YTD
                         %     %        DAILY      %
                                            %  
 Japan               -0.61  -8.3  <.N2    -    14.26
                               5  25>          
 China                       1  EC>          
 India               -0.04  -0.3  <.NS  -0.08   3.34
                               0  EI>          
 Indones             +0.33  -3.9  <.JK   0.21  -1.69
 ia                            4  SE>          
 Malaysi             -0.02  -3.1  <.KL   0.28   9.58
 a                             4  SE>          
 Philipp             -0.14  -3.1  <.PS   0.93   3.52
 ines                          8  I>           
 S.Korea                     9  11>          
 Singapo             -0.16  -2.4  <.ST   0.26   1.89
 re                            0  I>           
 Taiwan              +0.12  -4.9  <.TW   1.06  14.59
                               6  II>          
 Thailan                 -  -6.9  <.SE      -  -3.24
 d                             5  TI>          
 

    
 (Reporting by Ayushman Ojha in Bengaluru; Editing by Jacqueline
Wong)