BSP says policy stance appropriate

Posted at 11/28/12 11:12 AM

MANILA - The Philippine central bank said on Wednesday the economy's high growth rate in the third quarter was a result of nimble monetary policy and the government's swift policy responses, with the current policy stance being appropriate for now.

"Going forward, the BSP (Bangko Sentral ng Pilipinas) will be careful to calibrate the use of its enhanced policy tool kit to help ensure that domestic aggregate demand price pressures, as the economy continues on this high growth path, and risks from capital flows -- as more investors become convinced that the country is a value investment -- are managed," central bank Governor Amando Tetangco said in a mobile text message to reporters. Policymakers meet for the last time this year on Dec. 13 and analysts expect the policy rate to be kept steady at a record low of 3.5 percent following a total 100 basis point cut so far in 2012.