BSP chief hopes GDP data will lift markets
MANILA - The Philippine central bank said on Thursday the domestic economy's resilience should help boost investor confidence, and support the peso and the local stock market.
The Philippine economy expanded a seasonally adjusted 1.4 percent in the second quarter from the previous three months, above economists' forecasts, as strong domestic consumption and a robust services sector countered sluggish exports.
"Solid domestic demand should help counter possible negative pressures from global developments," Philippine central bank Governor Amando Tetangco said.
"Hopefully this performance would help further anchor market confidence, and therewith support the local FX and stock markets."
He said the central bank will "continue to calibrate its policy levers to help ensure that this robust growth is sustained in a non-inflationary environment."