Philippines signals it won't intervene to cap peso strength
MANILA: Philippine central bank Governor Eli Remolona signalled authorities are unlikely to intervene to curb the strength in the peso, which has risen along with Asian peers this month.
"This is a story of dollar weakness,' Remolona said in a mobile-phone message on Wednesday (May 7).
"To intervene now would be to go against the tide.'
The peso climbed to its strongest level since March 2024 this week, on growing optimism over trade deals. The stance of the Bangko Sentral ng Pilipinas stands in contrast to peers in Taiwan and Hong Kong, who have intervened in the market to slow the pace of appreciation in their currencies. - Bloomberg
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