BSP chief says ready to intervene to calm markets

Posted at 02/21/14 12:13 PM

SYDNEY – The Philippines' central bank stands ready to intervene again to calm volatility in financial markets if needed, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco said on Friday.

"We don't have any fx (currency) level. We allow markets to determine the exchange rate but we retain scope for possible participation in fx markets to smooth sharp fluctuations," Tetangco told reporters on the sidelines of an Institute of International Finance conference in Sydney.

Stocks, bonds and currencies in some developing countries have swung wildly in recent months following the U.S. Federal Reserve's tapering of its quantitative easing program.