MANILA — The Philippine central bank said Tuesday it allows the foreign exchange rate to be determined by market forces and said it has robust reserves.
“The recent peso depreciation may reflect market concerns over a potential moderation in economic growth due in part to the infra spending controversy, as well as expectations of additional monetary policy easing by the BSP,” the Bangko Sentral ng Pilipinas said in a statement.
—Reporting by Mikhail Flores; Editing by John Mair
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