BSP urged to monitor forex trading activities

PHILIPPINES - The peso continued to succumb to the dollar-buying pressure yesterday as it closed 3 centavos weaker to a fresh 14-month low of 52.68 to $1, prompting Finance Secretary Jose Isidro Camacho to ask the Bangko Sentral ng Pilipinas, the central bank, to closely monitor forex trading activities.

"BSP Governor (Rafael) Buenaventura and I agreed that the central bank should check if there was speculation. But so far, it (BSP) has not found any evidence," said the finance secretary.

The P