Bank of America Sees More Firms Hedging FX Risks in Philippines

Companies in the Philippines are stepping up efforts to limit foreign exchange risks as global uncertainty fuels sharp swings in the peso, according to Bank of America Corp.

“A lot of them do hedging and it’s very helpful for them, especially with the peso becoming very volatile,” Vince Valdepenas, the bank’s country head, said in an interview on Friday. Firms have been actively using forwards, cross-currency swaps and offshore solutions offered by the bank, he said, with both local firms and multinationals increasing their activity amid currency turbulence.