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Philippine central bank says monetary policy stance appropriate

The Philippine economy grew slower than expected in the third quarter, as risks from a leadership change next year and the El Nino dry spell loomed, the government said Thursday.

[MANILA] The Philippine central bank's current monetary policy remains appropriately calibrated, with growth remaining on a strong path despite weakness in the first quarter and inflation seen continuing on a manageable path, its governor said on Monday.

Amando Tetangco also told a budget hearing in Congress that average inflation this year was expected to settle near the low end of the government's 2-4 per cent target, with the country having a solid foundation to weather global and domestic economic uncertainties.

The central bank's Monetary Board meets on Thursday to review its interest rate policy.