A security guard standing beside a logo of the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) posted at the main gate in Manila, Philippines. — Reuters
MANILA: The Philippine central bank will allow the market to determine the foreign exchange rate but it will intervene when necessary to smoothen volatility, its governor said on Tuesday.
The Philippine peso declined as much as 0.5% to 58.130 per U.S. dollar earlier on Tuesday, its lowest since November 2022, joining other Asian peers in retreating against the dollar.
