Philippine central bank governor Eli Remolona said the central bank is trying to curb the foreign exchange marketunchartedpccrashThe market is still in good order and has not shown any signs of pressure.

Remolona told reporters at an event in Manila on Wednesday that the Philippine central bank does not intervene in the foreign exchange market every day

He said that if intervened, the scale would also be very moderate

“unchartedpccrashWe hope that people who really need dollars can get them at a reasonable price."

He reiterated that the Philippine central bank may cut benchmark interest rates by 25 or 50 basis points this year, depending on the data

Remolona said interest rates could be cut once in the third quarter and the second time in the fourth quarter