PRESIDENT Ferdinand R. Marcos, Jr. on Tuesday said the government is ready to “defend the peso” in the next few months, as its weakness might continue to stoke inflation. READ:
“We may have to defend the peso in the coming months, but the overall forecast is that we are still doing better than other countries in terms of inflation, though economic developments are still anticipated,” he said via Twitter.The Philippine peso closed at P58.75 versus the US dollar on Tuesday. Year to date, the local unit has weakened by 15.19% or P7.75 from its P51 close on Dec. 31, 2021.
Bangko Sentral ng Pilipinas Governor Felipe M. Medalla earlier this month said the central bank has been “active” in the forex market “but of course, we sell strategically.” The BSP has raised key policy rates by 225 basis points this year to curb inflation and stabilize the foreign exchange market.
The peso opened Tuesday’s session at P58.90. Its weakest showing was at P58.995, while its intraday best was at its finish of P58.75.“The peso strengthened slightly due to profit taking by market participants near the 59-peso level,” a trader said in an e-mail.
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