BSP says peso's weakness temporary

MANILA, Philippines - The Bangko Sentral ng Pilipinas assured the public that the peso's recent drop was just a knee-jerk reaction to an "emerging markets sell-off" this week. BSP deputy governor Diwa Gunigundo said the currency should regain its strength soon, given the country's strong fundamentals and healthy external accounts. The peso weakened to P44-to-the-dollar territory this week, as speculation over when the US Federal Reserve would begin to taper monetary stimulus gripped global markets. ANC News Now, August 23, 2013