Central bank maintains policy rates
THE Central bank decided on Thursday to maintain its key policy rates at current levels, owing to manageable inflation and better-than-expected first quarter economic growth.
In the Bangko Sentral ng Pilipinas (BSP) Monetary Board Meeting, central bank governor Amando Tetangco Jr. said that key policy rates for overnight borrowing or reverse repurchase (RRP) facility stayed at 4 percent while the overnight lending or repurchase (RP) facility at 6 percent.
The interest rates on term RRPs, RPs, and special deposit accounts (SDAs) were also maintained accordingly and the reserve requirement ratios were also kept steady, he said.
“The Monetary Board’s decision is based on its assessment that the inflation environment remains manageable,” Tetangco said.
Latest baseline forecasts for inflation continue to track the lower half of the 3-5 percent target range for this year and 2013, while inflation expectations remain firmly anchored.
Tetangco also cited the significant improvement on the country’s economic growth, which hit 6.4 percent during the first quarter, for maintaining the policy rates.
Adequate liquidity and strong bank lending, spurred by prevailing low interest rates, should also help sustain domestic real sector activity in the months ahead, he added.
The central bank chief said that core inflation also remains firm.
But he warned that oil prices, which continue to show considerable volatility and additional petitions for electricity rate adjustments could provide upside influence on inflation.
Tetangco also said that the weak global economy could contribute to moderate oil and other commodity prices.
“As such, inflationary pressures and the risk of second-round effects may also ease in the coming months,” he said.
With that, he said the central bank will continue to monitor emerging price and output conditions to ensure that monetary policy remains in line with price stability while being supportive of economic growth.
http://www.sunstar.com.ph/manila/local-news/2012/06/14/central-bank-maintains-policy-rates-226821
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Yats Restaurant and Wine Lounge
Mimosa Drive past Holiday Inn, Mimosa Leisure Estate,
Clark Freeport Zone, Pampanga, Philippines 2023
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3003C East Tower, Phil Stock Exchange Center,
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