BSP: Policy stance still appropriate

Posted at 09/05/2012 11:12 AM | Updated as of 09/06/2012 8:24 AM

MANILA - The Philippine central bank's monetary policy stance remains appropriate despite the faster-than-expected inflation rate in August, Governor Amando Tetangco said on Wednesday. 

Annual inflation quickened to 3.8 in August, the fastest since January when the rate hit 4.0 percent, and above economists' consensus forecast of 3.5 percent inflation in a Reuters poll.     

"The (inflation) uptick would not cause any breaches in the full-year average target ranges over the policy horizon," Tetangco said in a mobile text message to reporters, ahead of a policy review on September 13. 

"The stance of policy therefore remains appropriate," he said.