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In a statement on Tuesday, the central bank is looking to address disruptions to financial markets in the country, noting that the dollar spot market remains open, while “ forwards and repos are available facilities.”
The Fed’s looming rate hike pushed the peso to a new low of P58 against the greenback, considering it breached the 57-level weeks ago. This was weaker than its previous close of P57.48.
Money sent home by Filipinos overseas grew at a slower pace in July, as better exchange rates as a result of a weak peso allows expats to reduce the dollars they send to their families.
The local unit closed at P57.135 against the greenback, weaker than its previous finish of P57.
Unemployment stood unmoved in June while the quality of available jobs improved, in what may be a show of resilience in the face of rapid inflation.