Philippines says not expecting sharp swings in peso currency


Posted at Jan 30 2014 10:48 AM | Updated as of Jan 30 2014 08:32 PM

MANILA - The Philippines is watchful of sharp swings in its currency and the impact on inflation, but it does not expect to see much volatility as the peso is supported by the country's strong fundamentals, the socio-economic planning chief said on Thursday.

Arsenio Balisacan also told reporters the current weakness in the peso should help lift the competitiveness of the country's exported products.

"What we are watching are sharp swings in the exchange rate. So far we have not seen that, and we don't expect to see that," Balisacan said. "Our macroeconomic fundamentals are pretty robust compared to Indonesia, India, Thailand and we are in a good position to take advantage of the improvements in the global economy."