BSP ready to intervene in FX market if needed, governor says

June 4, 2024 - 3:13 PM
(Photo from BusinessWorld)

 The Philippine central bank is not intervening in the foreign exchange market everyday, but is ready to take action when the peso is under stress, its governor said on Tuesday.

The Bangko Sentral ng Pilipinas might intervene if the peso veers towards the wrong direction, Governor Eli Remolona told a forum.

“We intervene to express our own view where the peso should be going,” Remolona said.

The Philippine peso PHP= has weakened past 58 per dollar to be trading at its lowest levels in 19 months. So far in 2024, the peso has fallen 5.8% against the dollar.

Reporting by Mikhail Flores; Editing by John Mair