The Philippines foreign exchange derivatives market is trickling back onshore after the central bank responded to derivatives houses lobbying and lifted restrictions it had imposed earlier this year. "Customers are coming back onshore," said John McGowan, treasurer at HSBC in Makati City. "Given the cost implications, it makes sense to move back onshore, though it may take some time," he added.
In March the Bangko Sentral ng Pilipinas introduced measures to limit foreign exchange transactions to six months in an attempt to reduce spot volatility.
