BSP Governor Rafael Buenaventura said the current policy rates were sufficient to support the government's growth objectives while keeping consumer prices stable.
"Prospective decisions on the monetary policy stance will continue to preserve a careful balance between caution and the need to ensure that the macroeconomic environment remains conducive to credit demand and investment activity," he said.
Buenaventura said monetary authorities saw no need to raise the BSP rates to tame the volatile peso or to bring it down further and help accelerate a slow-moving economy.
"The peso movement is not interest rate-driven. It is sentiment driven and only temporary," he said. "Once the candidates have come up with a rational platform that would address the shortcomings of the economy, then the peso would also stabilize."
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