NextGen Day

According to a body representing the industry, the banking sector works closely with the Bangko Sentral ng Pilipinas (BSP) to maintain the smooth operation of the fixed-income and foreign exchange markets.

The Bankers Association of the Philippines (BAP) expressed support for and appreciation for the central bank’s policies aimed at “liberalization and transparent price discovery — including the way it has carried out its supervisory mission that promotes orderly markets” in a statement on Wednesday.

Together, it declared that we would combat speculative behaviors, which tend to skew market prices and harm the economy.

“With global headwinds adversely affecting inflation and foreign exchange rates throughout the world, the BAP joins national efforts to limit its impact on our people by avoiding behaviors that can only make the situation worse,” BAP President Antonio Moncupa stated.

The banking sector “continues to work closely with the BSP for orderly, fair, and transparent markets without the unproductive actions that only affect the public to be part of the solution,” he said.

To handle the situation as economies struggle to recover from the effects of the virus-induced pandemic, central banks have tightened their key rates, among other things.

For starters, to slow the US’ four-decade-high inflation rate, the Federal Reserve has raised its fund’s rates by 300 basis points since last March.

The US dollar has strengthened. As a result, hurting other currencies, including the Philippine peso, which recorded its record-low 59.00 close to the US dollar on October 3 and 10.

Felipe Medalla, the governor of the BSP, had stated that the central bank is “taking procedures to control any disturbance in our financial market.”

“We request those with the means not to unfairly benefit from shifting market conditions. He said this is detrimental to both the Philippines and the Philippine peso.

What we can do, according to Medalla, is integrate all transactions into a legal, organized market that provides consumer protection.

“Market circumstances are difficult worldwide. Working collaboratively enables us to maintain a healthy market while effectively controlling emerging dangers, he continued.

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