Philippine banks pledge to curb speculative activities after peso weakens


The Bankers Association of the Philippines (BAP) is committed to helping maintain the well-functioning fixed income and foreign exchange markets.

In a statement issued on Wednesday, October 12, 2022, the industry group said it appreciates and supports Bangko Sentral ng Pilipinas’ policy initiatives towards liberalization and transparent price discovery – including the conduct of its mandate to oversight that ensures orderly markets.

“Together we will work against speculative activities that tend to distort market prices and damage the economy,” the group said.

BAP President Antonio Moncupa said “with global headwinds negatively affecting inflation and exchange rates around the world, BAP joins national efforts to minimize its impact on our people by avoiding activities which can only make the situation worse.

The local currency closed P59 against the US Dollar on Thursday, October 13.

Earlier, the Bangko Sentral ng Pilipinas said it was taking steps to manage any disruption in the country’s financial market. He also urged those with the means not to take unfair advantage of changing market conditions.

“It doesn’t help the Philippine peso; it does not help the Philippines. What we can do is bring all transactions to an organized and accessible formal market that provides consumer protection,” the central bank said.

“In order to be part of the solution, the banking industry continues to work closely with the BSP for orderly, fair and transparent markets, minus the unproductive activities that only harm the public,” Moncupa said.

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