Philippine central bank says policy stance remains appropriate

[MANILA] The Philippine central bank's monetary policy remains appropriate but it is ready to make adjustments if needed as it monitors commodity prices and changes in market sentiment, its governor said on Tuesday.

Governor Amando Tetangco said the Philippines was on track to meet this year's inflation target of 2-4 per cent after annual inflation in March eased to 2.4 per cent.

The consumer price index was above the 2.6 per cent median forecast in a Reuters poll.

The central bank next meets on May 14 to review policy. It kept its benchmark interest rate steady at 4.0 per cent for a fourth straight meeting last month, with the economy in a sweet spot of low inflation and strong growth.

REUTERS