Banks yield as BSP cracks down on speculative FX trades

The Bankers Association of the Philippines (BAP) vowed to be "part of the solution" in maintaining order in the domestic financial market after the Bangko Sentral ng Pilipinas (BSP) issued a stern warning against currency speculators as the peso trades near all-time lows against the US dollar. "With global headwinds adversely affecting inflation and foreign exchange (FX) rates across the world, the BAP joins national efforts to minimize its impact on our people by avoiding activities that can only worsen the situation," Antonio Moncupa, president of BAP, said in a statement on Wednesday. "In order to be part of the solution, the banking industry continues to work closely with the B...

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