The governor of the Philippine central bank, Eli Remolona, stated that they will work to prevent significant fluctuations in the peso, particularly if it weakens. He expressed concerns about the potential inflationary impact of a sharp depreciation of the currency and emphasized the need to resist such movements. Despite the intervention by the Bangko Sentral ng Pilipinas which helped decrease peso volatility after reaching a four-year high in November, other emerging markets like Turkey and Indonesia faced instability this week due to domestic political concerns. The volatility in these markets has prompted emerging-market central banks to remain vigilant as global risk sentiment becomes fragile. Remolona warned that if the dollar strengthens again, it could lead to increased volatility, potentially risking the peso breaking its record-low level of 59 last seen in December.