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March 05, 2024

BAP reiterated commitment to fight speculation after Peso slide

The bloc of lenders promised to work with the BSP in fighting speculation in the foreign-exchange market as the peso further weakens.

The Bankers Association of the Philippines, which is also tasked to look after the currency market, expressed its support to the central bank’s initiatives including tighter supervision to ensure orderly markets. BAP said it vowed to work against speculative activities that such tend to distort market prices and pose negative effects to the economy.