The Bankers Association of the Philippines, which also helps to look after the currency market, said it supports the central bank’s initiatives including supervision to ensure orderly markets.

“Together, we will work against speculative activities that tend to distort market prices and hurt the economy,” the group said in a statement on its website on Wednesday.

The statement comes as the peso holds onto support near the record-low 59 per dollar. The local currency has lost more than 13% against the dollar this year, among the steepest declines in major Asian currencies.

“In order to be part of the solution, the banking industry continues to work closely with the Bangko Sentral ng Pilipinas for orderly, fair, and transparent markets minus the unproductive activities that only hurt the public,” President Antonio Moncupa said in the statement.

The central bank said Sunday it may require lenders to provide more documents to support foreign-exchange transactions and to increase reporting frequency. The monetary authority has been “very active” in the currency market to curb excessive volatility and stem the peso’s losses, governor Felipe Medalla said Friday.