BSP seeks to stave off speculative attacks on pesoA motorist pays for its tank refueling in a gas station along Nangka J.P. Rizal in Marikina on Monday, June 20, 2022. This does not help the Philippine Peso; it does not help the Philippines,” the BSP said. The central bank noted that these facilities allow for an organized settlement of dollar obligations. “BSP recognizes the importance of legitimate transactions for commerce as this will spur economic growth,” he said in a Viber message. “What they are hoping to minimize and mitigate are speculative moves and outsized fear-mongering which tends to drive undue pressure and panic on the spot market,” Mapa added.

Source: Philippine Star October 04, 2022 22:59 UTC