Photo courtesy of Bangko Sentral ng Pilipinas.
The Bangko Sentral ng Pilipinas (BSP) said the peso is unlikely to hit P60 per dollar anytime soon, as the central bank closely monitors foreign exchange trends.
The peso closed Friday at P59.09 per dollar, slightly stronger than Thursday’s P59.16, after touching record lows earlier this month.
BSP Governor Eli Remolona Jr. said authorities are ready to defend the currency if needed, but any intervention would depend on the level of market volatility.
“Depende (It depends) how it gets there. Just because it’s P60 (to a dollar) doesn’t mean we’ll defend,” Remolona said, adding that such a level is “not soon.”
Malacañang earlier said President Ferdinand Marcos Jr. aims to prevent the peso from sliding to P60, citing concerns about rising government debt.
Remolona also noted that a potential monetary policy adjustment at the next Monetary Board meeting on February 19 remains uncertain, as the decision will rely on economic data such as inflation and GDP growth.
Financial analysts are divided on prospects, with some expecting moderate rate cuts this year depending on domestic indicators and possible moves by the U.S. Federal Reserve.
