BSP: Peso's depreciation not cause for concern

BSP Governor Benjamin Diokno stated that the recent weakening of the Philippine peso against the US dollar is not a cause for concern.

Diokno noted that other major currencies have also depreciated against the US dollar due to its general strengthening, indicating it is the dollar's strength rather than the peso's weakness causing the depreciation.

The country's gross international reserves (GIR) remain robust at USD107.25 billion as of end-May 2021, providing a strong backing for the local currency.

Diokno emphasized that the BSP allows market forces to determine the foreign exchange rate and intervenes only minimally to stabilize fluctuations.