THE peso's current weakness is in line with movements of other regional currencies and monetary authorities stand ready to act if needed, a Bangko Sentral ng Pilipinas (BSP) official said on Thursday.
THE peso's current weakness is in line with movements of other regional currencies and monetary authorities stand ready to act if needed, a Bangko Sentral ng Pilipinas official said on Thursday.'The movement of the peso is not volatile,' BSP Senior Assistant Governor Iluminada Sicat told reporters on the sidelines of a Manila Times economic forum.
It touched P58.83 to the dollar on Thursday before regaining some ground to close two-and-a-half centavos lower at P58.78:$1.'The peso is not a laggard,' Sicat said.'Actually, we are in the middle. The other currencies in the region are also depreciating just like us,' she added, noting that this was largely due to market expectations regarding the timing of Fed rate cuts and stronger dollar demand to pay for imports.
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