(Interaksyon) MANILA— The Philippines must “do something” about sharp fluctuations in the foreign exchange rate to make the currency’s movement predictable, its economic planning secretary said on Wednesday.
The Philippine peso PHP= is Southeast Asia’s worst-performing currency, having lost 13.4% against the U.S. dollar so far this year as the Fed’s aggressive policy tightening to combat inflation boosts the greenback’s safe-haven appeal.
“We have to watch out for any sharp changes in the exchange rate and be able to do something about it,” Economic Planning Secretary Arsenio Balisacan told reporters on the sidelines of a business forum… Read More