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BSP decides to keep interest rates steady

CITING a favorable inflation prospects ahead, the Bangko Sentral ng Pilpinas (BSP) kept its interest rates steady, but raised the bank’s required reserve for the second time to dampen liquidity from the system.
In a briefing, Juan de Zuñiga Jr., BSP deputy governor told reporters that the central bank’s policy-making Monetary Board decided to maintain rates at their current levels of 4.50 percent for overnight borrowing and 6.50 percent for overnight lending.

“The Monetary Board’s decision is based on its view that prevailing price and output conditions support maintaining current policy settings,” de Zuñiga said.

De Zuniga said the inflation expectations have shown some signs of leveling off.

The BSP said that latest baseline forecasts showed a lower path consistent with the 3 percent to 5 percent inflation target range for 2011 and 2012, while inflation expectations remained well contained.

The BSP,on the other hand, hiked the reserve requirement on deposits and deposit substitutes of all banks and non-banks with quasi-banking functions by another one percentage point to 21 percent to take effect on August 5.

“The Monetary Board believes that a prudent increase in the reserve requirement will help ensure that the inflation target will be met,” he added.

De Zuniga said the sustained foreign exchange inflows, driven by upbeat market sentiment over the brighter prospects for the Philippine economy, could fuel a further acceleration of domestic liquidity growth that could pose risks to future inflation.

Baseline inflation forecasts for this year and 2012 were lower from 5.06 percent to 4.7 percent and from 3.90 percent to 3.74 percent, respectively.

“The Board emphasized that the risks around the inflation forecasts remain skewed to the upside, suggesting a need for caution in the monetary policy stance. The BSP therefore remains watchful against any risks to the inflation outlook and will adjust policy and prudential settings as needed to preserve price stability and financial stability,” de Zuñiga said.

In the first six month, inflation rose to 4.7 percent, using a 2006 base year.

Source: http://manilatimes.net/index.php/business/3083-bsp-decides-to-keep-interest-rates-steady

Manila residents and tourists spending a vacation in Philippines prefer to travel out of town from Manila to the north to visit Subic, Pampanga, Angeles City and Clark Philippines. While many areas of the Philippines are plagued by crime and security concerns, Clark Pampanga continues to impress the travel and tourism observers with its immaculately low crime records. Other features of Pampanga Angeles City Clark that attract family tourists and those visitors that are health sensitive include low pollution, peace and quiet ambiance and a most welcome absence of traffic congestion.

Families with small children prefer outdoor resort in Manila clean and safe place in Pampanga Clark to bring kids to relax and unwind. Family bonding is much more effective and enjoyable in a private resort that offers large outdoor facilities, picnic grounds, beautiful scenery, peaceful and quiet ambience.

Many are selling off their assets to start a new life in Philippines, taking advantage of the standard-of-living differential to start a business or just enjoy living in a tropical country. With careful planning, the move to Philippines can work out brilliantly or it can be a painful mistake. Clark Pampanga has been the preferred destination for retirement also.

You might want to check also the Yats Restaurant is the best restaurant for special dinner, best restaurant for dinner with friends near Manila, also the best place to celebrate special events.

Famous Restaurant in Pampanga, a place to dine with friends in Clark, cozy restaurant with a nice ambience, a nice function place for special occassions

This web site contains articles and information that will be helpful to visitors, residents and tourists traveling out of town from Manila on a short getaway to Subic, Angeles City, Pampanga and Clark Philippines. There are several web sites that contain information that might also be pertinent to what is happening in North Luzon, Subic, Tarlac, Pampanga, Clark Freeport Philippines.

Wedding couples looking for wedding reception venues and beach wedding venues can log on to this Philippines Wedding Venue web site for free information and assistance:

Yats International Leisure Philippines

For assistance with lodgings, accommodations, hotels and resorts near Manila in Subic, Pampanga, Angels City and Clark Philippines log on to http://www.HotelClarkPhilippines.com

While in Clark, one might as well add to the itinerary a visit to the famous Clark Wine Center, the largest wine shop in Philippines which offers over 2000 selections of fine vintage wine from all wine regions, vintages spanning over 50 years covering all price ranges.

http://www.ClarkWineCenter.com


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