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Diokno on P52 vs $1: 'I don't find it too strong'

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Cathy Yang and Joel Guinto, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2019/business/03/12/20190312_ben_diokno.jpg"/><figcaption>Bangko Sentral ng Pilipinas Governor Benjamin Diokno works at his office in Manila on March 12, 2019. <em>George Calvelo, ABS-CBN News</em></figcaption></figure></div><p>MANILA -- Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Tuesday he did not find the peso &quot;too strong&quot; at the P52 level to the dollar.</p><p>The local currency is still within the P52 to P55 target, said Diokno, who as budget secretary said a <a href="https://news.abs-cbn.com/business/07/01/18/weak-peso-not-bad-for-philippines-diokno">weak peso</a> would not necessarily bad for the economy.</p><p>The peso fell 0.7 percent to P52.55 to the dollar in late afternoon trading after Diokno&#x27;s comments in an interview with ANC. It was the only loser among emerging-market currencies in Asia on Tuesday, based on Bloomberg data.</p><p>&quot;I don&#x27;t find it too strong,&quot; Diokno said. &quot;It is within our forecast band of 52 to 55.&quot;</p><p>&quot;Our policy is it&#x27;s market determined. We won&#x27;t intervene as long as it is within a reasonable band. Right now it is within that band,&quot; he said in his first sit-down interview since assuming office last week.</p><p>The peso has rallied against the dollar since the start of the year, riding on a slew of positive economic news. It has hovered at the P52 per dollar level after plummeting to a 13-year-low of P54.41 last October.</p><p>Cooling inflation and a stabilizing current account position is aiding the peso&#x27;s recovery against the dollar, with the local currency expected to end the year at the P52 level, Khoon Goh, head of Asia research at ANZ Banking Group earlier told ANZ.</p><p>The peso was the strongest Asian currency in February, he said.</p><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/F0FadhTnEMM?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>The local currency is still within the P52 to P55 target, said Diokno, who as budget secretary said a weak peso would not necessarily bad for the economy.</p>

The local currency is still within the P52 to P55 target, said Diokno, who as budget secretary said a weak peso would not necessarily bad for the economy.

Diokno on P52 vs $1: 'I don't find it too strong'

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Diokno on P52 vs $1: 'I don't find it too strong'

Cathy Yang and Joel Guinto,

ABS-CBN News

Published March 12, 2019 10:39 AM PHT

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Updated March 12, 2019 04:06 PM PHT

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Benjamin Diokno

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