• Philippine central bank says it’s necessary to keep its monetary policy settings sufficiently tight until a sustained downtrend in inflation becomes evident.
• “The balance of risks to the inflation outlook still leans significantly towards the upside,” Bangko Sentral ng Pilipinas says in a statement.
• Inflation could temporarily accelerate above target range from 2Q due to the impact of El Nino and positive base effects, it says.
• BSP will consider latest inflation and GDP outturns for Monetary Board’s Feb. 15 policy meeting.