Philippine Peso at 63.50 May Be Acceptable, Governor Says After Record 61.75 Low
Updated
Updated · Bloomberg · May 22
Philippine Peso at 63.50 May Be Acceptable, Governor Says After Record 61.75 Low
2 articles · Updated · Bloomberg · May 22
63.50 pesos per dollar could be acceptable if the currency’s slide is gradual and does not feed inflation, central bank Governor Eli Remolona said.
Bangko Sentral ng Pilipinas is still intervening in the foreign-exchange market to curb volatility, though Remolona said it is not defending any specific exchange-rate level.
The remarks follow the peso’s drop to a record 61.75 this month, signaling the central bank may tolerate further weakness if price pressures remain contained.
As foreign reserves dwindle, is the central bank's costly defense of the peso a losing battle against global pressures?
With a falling peso and soaring prices, how will the government shield ordinary Filipinos from the coming economic storm?
Is the peso's collapse a wake-up call to end the Philippines' deep-rooted dependency on foreign oil?