The Philippine central bank said on Tuesday it will not tolerate sharp swings in the peso exchange rate even as it reiterated that the currency was supported by sound economic fundamentals. The Philippine peso, which is hovering at 12-year lows, has lost 6.4 per cent of its value against the US dollar so far this year, making it Asia’s worst-performing currency. The Philippine currency and bond markets will need a more hawkish tone from the central bank this week to stem their losing streak, as investors fret over whether policymakers are softening their fight on inflation, according to Bloomberg. A weakening peso is symptomatic of other things happening in the economy. Most importantly, it suggests we are increasingly becoming a net borrower from (rather than a net lender to) the rest of the world, owing to our colossal import bill boosted by Duterte’s “Build, Build, Build,” writes J.C. Punongbayan for Rappler.