THE BANGKO Sentral ng Pilipinas (BSP) is closely monitoring possible cases of speculative activities amid the peso’s continued weakness, Finance Secretary Benjamin E. Diokno said on Friday. READ:
“The central bank has initiated actions to moderate sudden movements in the peso including participation in the foreign exchange market as well as looking at possible cases of speculative activities,” Mr. Diokno said in a conference at the Philippine Embassy in Washington, D.C. on Friday.
Mr. Diokno, a former BSP governor and a current member of the Monetary Board, attributed the peso’s weakness to the US Federal Reserve’s hawkish monetary policy and market expectations of further tightening, as well as concern over a possible global recession. He also noted regulators have recently sent signals that would discourage undue speculation on the peso, such as tightening reporting of banks’ foreign exchange transactions and increasing intervention in the foreign exchange market. The BSP is also planning to increase debt issuance to reduce supply of pesos that could be used to purchase US dollars in the market.
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