The Philippine central bank has been “very active” in the foreign exchange market to curb excessive volatility and stem the peso’s depreciation, Governor Felipe Medalla said.
“We will not allow excessive changes in the exchange rate,” the governor said. “We, of course, sell strategically. It’s wiser to keep your powder dry and shoot later.” Higher interest rates, intervention in the currency market, and sterilization should be sufficient to cushion the economy against risks, Medalla said. “I am confident that by selecting the correct combination of these three measures, we will be able to navigate.”
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