MANILA – Philippine central bank governor Eli M. Remolona, Jr. said on Friday the bank is intervening in the foreign exchange market to dampen volatility of the local currency, but not to set a target rate against the U.S. dollar.

“We’re intervening a little bit,” the Bangko Sentral Pilipinas governor told Bloomberg TV in an interview a day after the bank eased its benchmark interest rate to a three-year low of 4.50%. — Reuters

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