Philippine central bank says intervened in forex market just to curb speculation

MANILA – The Philippine central bank is only in the foreign exchange market to control speculation and its interventions have been “very modest,” its governor said on Wednesday.

Bangko Sentral ng Pilipinas Governor Eli Remolona also told reporters the central bank was looking to cut interest rates by 25 basis points in the third quarter and another 25 basis points in the fourth quarter. –– Reuters