With the Philippine peso still seen to stay under pressure, Fitch Solutions’ unit BMI expects the Bangko Sentral ng Pilipinas (BSP) to tap its United States (US) dollar reserves to curb wild swings in the US dollar-peso foreign exchange (forex) rate.
“We expect the BSP to expend its reserves to ensure a managed, gradual, and orderly depreciation,” BMI said in an Oct. 30 commentary. This came after the peso hit its weakest-ever level of ₱59.13 against the US dollar last Tuesday, Oct.
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