Remolona said the recent volatility in the foreign exchange market was due to a strong dollar rather than a weak peso.
"Escalating tensions in the Middle East led to safe-haven flows into the dollar at the expense of most other currencies.
Nonetheless, the BSP continues to monitor the market and stands ready to manage any unnecessary movement and excessive volatility," Remolona said.
The comments from the BSP chief came after the peso slumped to 57.78 to $1 on Thursday, weakening by 23 centavos from its previous finish. It marked the peso's weakest close in more than 17 months or since its 58.19 to $1 finish in November 2022.
The local currency yesterday gained by seven centavos to close at 57.71 to $1.
This story is from the April 27, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the April 27, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Phi returns to int’l dollar bond market
The Philippines has returned to the international bond market via a dual-tranche US dollar-denominated bond offering, seeking financial support for the state's budgetary needs.
Stonebridge acquires P500 M shares in RCI
Stonebridge Corp. has purchased 250 million shares or approximately nine percent of Roxas and Co. Inc. (RCI) for P500 million.
PLDT takes out P4-B green loan for expansion
Telco leader PLDT Inc. has doubled down on its strategy to acquire sustainable loans as it took out P4 billion in green financing from Metropolitan Bank and Trust Co. to fund its network expansion.
Inflation up slightly, but still within target
April’s 3.8% print beats most forecasts
LAST SHOT AT LAST 8
B-PIER, DYIP IN KO SETTO
Israel captures Gaza side of Rafah crossing
CAIRO (AP) – An Israeli tank brigade seized control yesterday of the Gaza Strip side of the Rafah border crossing with Egypt as Israel moved forward with an offensive in the southern city even as ceasefi re negotiations with Hamas remain on a knife’s edge.
House bill seeks to postpone BSKE anew
A bill seeking to postpone the barangay and Sangguniang Kabataan elections (BSKE) scheduled on Dec. 1 next year has been filed before the House of Representatives.
Abu Sayyaf bandit gets 4 years for financing terrorism
A Zamboanga court has convicted a member of the Abu Sayyaf for three counts of financing terrorism.
BuCor defends Bilibid strip search
The Bureau of Corrections defended yesterday strip searches conducted by BuCor jail guards on the wives of political prisoners during their visit to the New Bilibid Prison (NBP) in Muntinlupa.
MMC eyes adjusting mall hours to ease Metro traffic
With the scheduled rehabilitation of bridges and flyovers along EDSA and other major thoroughfares, a proposal to adjust mall hours is being studied by the Metro Manila Council (MMC) to help ease traffic congestion in the National Capital Region.
