Philippines Finance Head Vows to Keep Peso From Breaching 60
- Nation can use $10 billion to defend currency: Diokno
- Diokno, who’s also a rate-panel member, sees 100bps more hikes
This article is for subscribers only.
The Philippines will act aggressively to prevent the peso from weakening to 60 per dollar, including by deploying billions of dollars more in reserves, according to its finance minister.
The government is trying to prevent the exchange rate from “breaching 60” pesos to the dollar, Finance Secretary Benjamin Diokno said in an interview in Bangkok on Friday after the Asia-Pacific Economic Cooperation finance ministers’ meeting. When asked whether the government will do whatever it takes to defend the peso, Diokno replied: “Oh yes, that’s what the president said.”