We continue to adopt a market-determined exchange rate which allows the value of the Philippine peso to move along with the demand for and supply of foreign exchange in the economy. Nevertheless, the we are ready to act to prevent excessive peso volatility and overshooting due to speculative activities.
Fitch Ratings recent revision of the Philippine’s outlook from stable to positive, R&I’s upgrade of the Philippines’ credit rating from “BBB” to “BBB+”, the BSP’s decision to cut policy rates by 25 bps as well as reports of an all-time high remittances and tourism in the Philippines in 2019 provided a calm ground for country’s financial markets..