MANILA Feb 21 The Philippine central bank
reiterated on Tuesday it was prepared to act to keep excessive
swings in the foreign exchange market in check.
The Philippine peso hit a fresh 10-year low of
50.34 per dollar on Tuesday, extending its losses after it
breached key technical support at 50.00 against the greenback
the previous day.
Market positioning and demand were among the factors behind
the peso's movement, Bangko Sentral ng Pilipinas Governor Amando
Tetangco said in a mobile text message, adding these were part
of a "healthy vibrant market".
"This is not to say we will stand back when we see that
movements are disruptive or excessive," Tetangco said.
The Philippine peso is down more than 1 percent on the U.S.
dollar so far this year, making it the region's worst performing
(Reporting by Karen Lema; Editing by Sam Holmes)