This does not help the Philippine peso; it does not help the Philippines. On Sept. On Tuesday, the peso opened slightly stronger at P The BSP also assured the market that it will continue to service all legitimate US dollar transactions. All of these can move the economy forward by supporting the financial leg underpinning economic activity and allowing for an orderly settlement of USD obligations.
However its intervention role is limited only to smoothening sharp fluctuations and if there are excessive peso movements. Last Sept. The BSP is a central bank that has its responsibilities that are aimed towards maintaining the overall financial stability of the Philippines, rather than regulating Forex brokers directly. Nevertheless, the BSP does have several responsibilities and powers that are aimed at streamlining the process of money exchange and other financial dealings happening in the retail trading industry.
BSP is the largest Government organization in the Philippines that determines the exchange rate policy for its base currency against other global currencies. The BSP also has the duty of overseeing the management of its foreign currency reserves, which helps the country to meet its obligations in the international market to bridge the gap between the demand and supply. Having sufficient currency reserves and a sound exchange rate policy is vital to the Peso-Dollar, which ultimately assists the Philippines in meeting its international financial viability.
BSP regulates all banking as well as non-banking financial institutions that act as a financial participant in the Philippines economy. BSP is supposed to serve as a bank, a lender, a financial advisor, and as an agency that can maintain the liquidity in the markets by providing aid to other banks as well as Government agencies.
BSP should extend loans, raise capital, issue advances, and offer discounts as well as act as a depository for financial institutions if the economy of the country is affected in any manner. As the central bank, BSP issues the currency and keeps the money supply as well as the liquidity in the market in tune with the demands of the economy. BSP is the sole organization responsible for price stability, issuing legal tender, and creating monetary policies for the Government.
BSP should implement all policies introduced by the agencies for the continued development of the economy of the Philippines. BSP operates according to the policies set forward by the Government and the Ministry of Finance, which prevents manipulation from independent parties or large third party organizations. Traders from the Philippines are free to trade with overseas brokers as there are no restrictions imposed on traders by the BSP or the SEC.
Therefore, traders are not compelled to trade with Forex brokers in Philippines, which enable them to open an account at any international brokers, including those from the neighboring regions such as Japan, Singapore, or Malaysia. You can indeed hire the services of an expert financial consultant to go through your different options before choosing a Forex broker.
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