Peso sinks to new historic low of P62.40 vs dollar

MANILA, September 2 ------ The Philippine peso weakened further against the US dollar yesterday, closing at its new record low of P62.40 against $1, according to the data from the Bankers Association of the Philippines.

Bangko Sentral ng Pilipinas Governor earlier said the central bank was monitoring the foreign exchange market, after the currency breached the P62 barrier last Friday. The peso sank to P62.265 versus the US dollar on August 28. "The BSP intervenes to address disorderly market conditions and smooth extreme volatility, especially when these can accelerate inflation," the central bank said.

During a Senate hearing, BSP Governor Eli Remolona explained that a strengthening export and boosting savings from BPO and remittances could support the peso. "Gumawa tayong paraan para palakasin ang exports. So, yung halimbawa, yung Pax Silica, maaaring makatulong sa exports yan. Pati yung Luzon Economic Corridor, nakatutok naman yan sa exports eh," Remolona said.

Source: news.abs-cbn.com