• Philippine central bank is moving towards “less managed” foreign exchange market, Governor Eli Remolona said on Thursday.
• Bangko Sentral ng Pilipinas intervenes from time to time but now moving to reduce such interventions, Remolona says at a forum.
• Central bank should only intervene in currency market in times of stress; intervention should not be frequent. Policy rate of 6.5% “still reasonable” in terms of real rate.