Philippine’s central bank said that it will let the market determine the peso’s value against the USD, and will only intervene to curb volatility. The central bank’s senior assistant governor said “ if we defend the currency just to make sure that we achieve a certain level, it would only deplete our gross international reserves”. On Friday, the peso declined 0.5% to 54.9 per USD, its lowest level in almost seventeen years. The central bank noted that the weaker peso is in line with the depreciation of regional currencies.