USD/PHP: Philippines Intervened in Small Way to Defend Peso, BSP Governor Says
Bloomberg 2026-07-28 03:00:56
Context: The Philippine central bank intervened in a limited capacity to support the peso after it reached a record low against the US dollar. This intervention was confirmed by Eli Remolona, the Governor of the Bangko Sentral ng Pilipinas (BSP). The peso's decline prompted the central bank to take action.
Key Facts
- The Philippine central bank, led by Governor Eli Remolona, conducted a small-scale intervention to defend the peso against the US dollar last week.
- The intervention was necessitated by the peso's depreciation to a record low, although the exact extent of this decline and the specific timing of the intervention were not specified.
- Governor Eli Remolona publicly confirmed the central bank's actions, providing insight into the BSP's efforts to manage the currency's volatility and stabilize the peso.