Don’t panic: Espenilla says peso weakness is ‘controlled’
Don’t fret just yet.
Governor Nestor Espenilla, Jr. of the Bangko Sentral ng Pilipinas (BSP) went to comfort Filipinos and businessmen over the peso depreciation, saying that it’s not all bad as it sounds.
“Recently, the depreciation of the peso has been the cause of some market unease. Such concern is overdone,” Espenilla said during an economic forum.
“The peso’s moderate and controlled depreciation mirrors bullish economic growth,” the central bank governor added, pointing out strong imports and higher investments abroad held by Filipinos eyeing to expand their portfolio.
Overall, the peso will stand “broadly stable” despite such hiccups, Espenilla said.
The peso is back to trading at the P50 mark as of mid-November.