“Our surveillance shows there is market demand to service legitimate dollar requirements and that’s moving the market,” Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. told reporters in a text message. Global market pressuresFor his part, BSP Deputy Governor Diwa Guinigundo said the peso continues to adjust to the uncertainty mostly from the global financial markets. Looking ahead, he said the BSP continues to see the resiliency of the economy. The peso dollar rate is no different, he stressed. “What the BSP is trying to tell banks is not to speculate and add to the pressure on the peso,” he said.

Source: Manila Times February 21, 2017 17:37 UTC