Monetary authorities kept policy stance accommodative

PHILIPPINES - In Brief 13 Jun 2013 by Romeo Bernardo
Monetary authorities kept policy stance accommodative amid outflow of capital from the region.  On balance, recent global financial developments positive for the Philippines providing breathing room for overbought financial markets (peso depreciated, interest rates up, stock prices down).  If sustained, a weaker peso together with last month's announced limits to trust accounts’ access to the BSP's SDA facility (phased over the next six months) which followed earlier SDA rate cuts totaling 150bp, will help to repair the BSP’s balance sheet and increase policy flexibility.

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