MANILA, Philippines - The peso's rise to its highest in more than 2 years largely reflected weakness in the US dollar and was not out of line with moves in other Asian currencies, Finance Secretary Cesar Purisima said on Monday.
"It's less the issue of the peso, it's really the dollar's problem," he told reporters.
"If you look at it, the movement of the peso against the competitor countries, it's within that range. Some of them appreciated more against the dollar."
The peso traded at 43.70 per dollar on Monday, its highest since June 2008, figures from Philippine Dealing System showed.
"We believe our relative competitiveness still remains. The policy of the central bank will be to let the market determine the exchange rate," Purisima said.