THE Bangko Sentral ng Pilipinas (BSP) said the recent weakness of the local currency was consistent with its aim to keep a flexible exchange rate that would allow the economy to sustain its growth momentum in the long term.

"Pursuing a flexible and adaptive exchange rate policy enables the BSP to keep its interest rate policy settings squarely focused on achieving the inflation target while dampening consumption and supporting a more investment- and export-led growth that the economy needs to sustain its strong momentum over the long haul," said Bangko Sentral Governor Nestor Espenilla Jr. in a text message to reporters on Monday.

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