But, we would be concerned if the rate is going too fast in one direction or the other, in a manner that is not consistent with fundamentals. As you may be aware, the Philippines enjoys a current account surplus.
In fact, our current account has been in surplus for over a decade now supported by remittances, which continue to be “volatility-proof” and receipts from BPO services. This is important to bear in mind – because, at the end of the day, investors will discriminate.