MANILA, April 17 -- Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. said the peso's performance lately could not be categorized as poor, adding that the local currency is only adjusting to recent developments in the Middle East and announcements on Federal Reserve's possible delayed interest rate cut.

"I wouldn't say it's performing poorly. I would say it's adjusting to some events, initially weakened along with other emerging market currencies by the way because of what's going on in the Middle East," Remolona said in a briefing at the BSP Office in Manila.

Earlier this week, Iran fired missiles toward Israel.

"More recently, I guess today, I think it's adjusting to news, to [Federal Reserve Chair Jerome] Powell's speech t...