MANILA - The peso-dollar exchange rate is "under control," Bangko Sentral ng Pilipinas Governor Nestor Espenilla said Friday, as the local unit regained some ground from 11-year lows last week.
The peso opened at P51. 05 to the dollar from P51 on Thursday. Analysts have predicted a fall to the P52 level this year as import requirements from the government's infrastructure program drives dollar demand.
"Definitely we are not in a foreign exchange crisis," Espenilla told a forum hosted by the Economic Journalists Association of the Philippines.
"We allowed the peso to adjust moderately and gradually. But I can assure that the BSP is in full control of the exchange rate. And this is consistent in an investment and export led strategy," he said.