BSP: No need for more policy support for now

Posted at 12/04/12 2:04 PM

MANILA - The Philippine economy does not need additional fiscal and monetary support at this point, but structural and infrastructure reforms must be maintained to sustain strong economic growth, a senior central bank official said on Tuesday. 

Deputy Governor Diwa Guinigundo also told Reuters capital controls were measures of "last resort" and that foreign exchange liberalisation measures meant to facilitate outflows of foreign currency to dampen the rapid rise of the peso were already in "high gear."     

"The combination of policies at this time remains appropriate, and should that combination fall short of what is required then we have a whole lot of policy tools in our tool kit," Guinigundo said on the sidelines of a central bank event.