MANILA - The Bangko Sentral ng Pilipinas on Tuesday said it was taking steps to manage the effects of the dollar rally that has been pushing down the value of the peso.

"The BSP is taking steps to manage any disruption in our financial market. We look forward to servicing all legitimate dollar transactions. The USD spot market remains open and active while forwards and repos are available facilities," it said in a statement.

• Peso sinks to new record low, closes at P59 to $1 on Oct. 3

The BSP also urged people to refrain from taking advantage of the market conditions since it does not help the peso.

All transactions should also be done in the formal market with consumer protection, it added.

The peso on Monday fell to a new record low of P59 to $1 before slightly regaining strength on Tuesday with a close of P58.65. The peso started the year at P51 to the greenback.

COL Financial Head of Institutional Sales Adrian Yu told ANC the US is likely to remain the "leading indicator" for global policy rate adjustments.

"The US is actually dictating the global policy rate hike. Should the US change its tune, I think the rest of the world will follow," he said.

Some analysts as well as the National Economic and Development Authority are betting on the increase in remittances during the holidays to prop up the peso in the fourth quarter.

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