Philippines to Intervene More Forcefully in Streaks of Weak Peso

The Philippine central bank is intervening more forcefully during periods of extended peso weakness as part of a new strategy, gradually moving away from day-to-day intervention, Governor Eli Remolona said.

The Bangko Sentral ng Pilipinas adopted a new formula that determines the magnitude of peso losses that require stronger intervention to curb price pressures, Remolona said in an interview Tuesday. He declined to elaborate on the formula.