Dollar remains central to Philippines economy, BSP says
Central bank discusses its responses to currency fluctuations and fallout from political scandal
The Philippines central bank has said the dollar remains “structurally central” to the country, notwithstanding the impact that US policy has had on exchange rates and the domestic economy over the past year.
A spokesperson for the Central Bank of the Philippines (BSP) tells Central Banking that although “shifting US trade policy has driven recent exchange rate movements and capital flows, it has not materially altered the dollar’s underlying role”.
The spokesperson says diversification across the
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