In case you've missed it, this is what Philippines did to curb peso strength

NEER of the peso has already appreciated 6.1%.

According to DBS, there have been incremental steps taken by the central bank (BSP) to limit peso strength over the past few quarters. These include the increasing of capital charges to non-deliverable forwards (NDFs) in 2011 and the tightening of rules for access to the BSP’s special deposit accounts (SDAs).

Here's more from DBS:

Interest rates for SDAs have also been lowered. Last month, BSP also lowered the limit of foreign banks’ NDF exposure to 100% of their capital, while the figure is capped at 20% for local banks.

Early termination of NDFs has also been banned. These measures come on top of the accumulation of foreign reserves and foreign reserves forwards over the past year.

All these reflect increasing concerns on the strength of the peso from a competitiveness perspective. Notably, the trade-weighted nominal effective exchange rate (NEER) of the peso has already appreciated by 6.1% since early 2012.

On a real effective exchange rate basis, the peso has risen by 7.3% over the same time period. Accordingly, this also constitutes an erosion of competitiveness.

The performance of the export sector in the coming quarters will bear watching.