• The Philippine central bank will intervene in the foreign exchange market “when necessary to smoothen excessive volatility and restore order during periods of stress,” according to Governor Eli Remolona.
  • Central bank “continues to monitor the foreign exchange market but allows the market to function without aiming to protect a certain exchange rate,” Remolona says in a statement
  • Says peso’s fall beyond 58 per dollar on Tuesday in line with other currencies in region
  • “The dollar continued to strengthen as the Federal Reserve signaled delay in cutting interest rates,” he says