Philippine central bank seeks calm as peso hits 11-year low

Pressure on peso: Espenilla says a free fall of the peso is unlikely because Philippines’ economic fundamentals are now very strong. — Bloomberg

MANILA: Bangko Sentral ng Pilipinas governor Nestor Espenilla called for calm yesterday after the peso fell to an almost 11-year low against the dollar last week, saying the currency isn’t expected to free fall given the nation’s strong economic fundamentals.

“The peso is market-determined. It’s natural for it to show volatility as it adjusts to market conditions and all the short-term uncertainties such as increased tension in North Korea,” Espenilla said in a phone message to reporters.