The Bangko Sentral ng Pilipinas keeps a dovish approach and signaled further policy easing after its latest quarter rate cut to 5.25%, Nomura said in a note.

BSP Governor Eli Remolona ruled out any immediate support for the peso, pointing to a "laissez-faire" or hands-off approach.

The peso has faced pressure amid easing rates. So far in 2025, the Philippine central bank has cut by a total of 125 basis points, the most in the region.

Markets expect another 50 basis point cut by year-end, bringing the rate to 4.75%, Nomura said.