Central bank to intervene in case of FX volatility

The Bangko Sentral ng Pilipinas (BSP) said on Tuesday it would let the foreign exchange rate reflect market developments, but stressed it was ready to intervene in case of excessive volatility in the market.

“Right now, there are a lot of external factors that affect the currency. We’ve said volatility is there because of policy uncertainties, political tensions so it’s very difficult to say what’s affecting it on a daily basis,” Bangko Sentral Gov. Nestor Espenilla Jr. told reporters in a chance interview in Manila.