To temper peso, BSP may further ease forex rules

MANILA, Philippines--The central bank, Bangko Sentral ng Pilipinas (BSP), may be forced to further ease foreign exchange rules to address the sharp rise of the peso, according to a paper by investment bank DBS.

Exporters and families of overseas Filipino workers (OFWs) -- badly hit by the steep climb of the peso -- have been urging government for so long to temper the strengthening currency.

In its latest assessment of emerging and industrialized economies, DBS noted that the Philippine peso is the strongest Asian currency so far this year, marking a year-to-date appreciation of 19.3 percent. This was far stronger than the average 4-percent appreciation posted by nine other Asian currencies.

For the complete read of this article written by Michelle Remo, click here.