* Taiwan dollar sees worst month since Sept 2022
* Most Asian currencies fall during day
* Philippines stocks hit eight-month high

By Archishma Iyer
       Jan 31 (Reuters) - Most Asian currencies were headed towards multi-month
lows on Wednesday, after bets the U.S. Federal Reserve would not slash interest
rates sooner than expected solidified due to resilient economic data from the
world's largest economy. 
    The Taiwan dollar was poised for its worst month since September
2022, while the Malaysian ringgit was set for its worst month since May
    The South Korean won and the Philippines peso were on
track for their worst month since August last year. 
    Investors globally have pared back their expectations that the U.S. central
bank will cut benchmark policy rates in March, with the first rate cut now
forecast to occur at the April 30-May 1 meeting.  
    Market participants are awaiting the Federal Open Market Committee's
decision later on Wednesday, where the central bank is expected to stand pat on
its rates. 
    "While conditions could be almost optimal for the Fed to start normalizing
policy, growth still seems a tad too strong for the Fed start paving the way
towards that decision from today," Maybank analysts wrote.  
    On the day, the South Korean won and the Taiwan dollar depreciated the most,
slipping about 0.4% each, while the Indonesian rupiah and Thailand's baht
 slipped about 0.2% and 0.3%. 
    South Korea and Indonesia are set to reveal inflation data later in the
week. Barclays analysts forecast price pressures in both countries to edge
    Markets in China were weighed down by weak manufacturing
activity in the region's largest economy that reinforced the need for additional
stimulus measures to boost growth. 
    The Philippines peso edged marginally higher and stocks in Manila
rose as much as 1.5% to hit a eight-month high, emerging as one of the
best-performing indexes on a year-to-date basis, even as the archipelago
nation's economic growth missed its full-year target after the economy lost some
steam in the last quarter of the year. 
    Analysts from Capital Economics expect resilience in the Philippines'
economy to fade, as credit growth has come off the boil and should feed through
to lower domestic demand growth in the coming quarters.   
    Among other Asian equities, stocks in Bangkok, Seoul and
Taipei fell between 0.3% and 0.7%. 
    Shares in Jakarta and Kuala Lumpur were 0.2% higher and flat
respectively, even as the latter clocked in a 4% gain on a year-to-date basis. 

    ** Indonesia's benchmark 10-year bond yield falls to 6.590% 
    ** Indonesia c.bank eyes room for rate cut in H2, focus on stability in 2024
- governor 
    ** Thai December factory output drops 6.27% y/y, more than forecast

 Asia stock indexes and currencies at 0427 GMT
                           DAILY %       %             DAILY   YTD %
 Japan                       -0.05   -4.48             -0.17    7.58
 China                       -0.04   -1.17             -0.37   -5.21
 India                       -0.01   +0.11              0.17   -0.80
 Indonesia                   -0.13   -2.54              0.24   -0.87
 Malaysia                    -0.06   -2.92              0.03    4.03
 Philippines                 +0.07   -1.69              1.26    3.96
 S.Korea                     -0.40   -3.50             -0.28   -6.16
 Singapore                   -0.11   -1.60              0.00   -2.79
 Taiwan                      -0.37   -1.74             -0.75   -0.18
 Thailand                    -0.27   -3.62             -0.52   -3.52
 (Reporting by Archishma Iyer in Bengaluru; Editing by Jamie Freed)