Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr. on Friday brushed off fears surrounding the 11-year low of the peso, emphasizing there is no foreign exchange crisis in the country. "Definitely, we are not in foreign exchange crisis," Espenilla told reporters during the Economic Journalists Association of the Philippines (EJAP) Economic Forum in Manila. The BSP is allowing the local currency to "adjust" moderately and gradually. "But I assure you, the BSP is in firm control of the exchange rate," Espenilla said. With the peso at P51-to-one dollar level, "we continue to gain some of the price competitiveness we have lost due to the strong peso of recent periods." "This development is consistent with the investment and export-led growth strategy," the central bank chief said. He reiterated that the peso is not in a "free fall" and cited the strong macroeconomic fundamentals of the country. Inflation is firmly under control, the economy is growing robustly, the gross international reserve is ample, the public sector deficit is under control, and the external debt position is low at 24 percent of gross domestic product this year compared to 60 percent in 2005. ? VDS, GMA News
08-26-2017, 10:41 PM
No FX crisis in the Philippines, says BSP's Espenilla
Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr. on Friday brushed off fears surrounding the 11-year low of the peso, emphasizing there is no foreign exchange crisis in the country. "Definitely, we are not in foreign exchange crisis," Espenilla told reporters during the Economic Journalists Association of the Philippines (EJAP) Economic Forum in Manila. The BSP is allowing the local currency to "adjust" moderately and gradually. "But I assure you, the BSP is in firm control of the exchange rate," Espenilla said. With the peso at P51-to-one dollar level, "we continue to gain some of the price competitiveness we have lost due to the strong peso of recent periods." "This development is consistent with the investment and export-led growth strategy," the central bank chief said. He reiterated that the peso is not in a "free fall" and cited the strong macroeconomic fundamentals of the country. Inflation is firmly under control, the economy is growing robustly, the gross international reserve is ample, the public sector deficit is under control, and the external debt position is low at 24 percent of gross domestic product this year compared to 60 percent in 2005. ? VDS, GMA News
المواضيع المتشابهه
العرض الشجري