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There was some convergence between market expectations of steady monetary policy on the part of the Bangko Sentral ng Pilipinas (BSP) and its two recent pronouncements.

Before the weekend, BSP Governor Ben Diokno was quoted saying “the BSP will continue to focus on keeping its monetary policy stance supportive of the government’s initiatives to address the effects of the pandemic, for as long as necessary, until the economic recovery gets underway.” This is a fair comment considering that the US Federal Reserve Board issued some forward guidance that it could accommodate its current policy settings until 2023.

This will also help the BSP keep domestic liquidity in dizzying quantity amounting to P2.2 trillion or 12% of GDP.

Two days ago, the BSP was again reported declaring that “the Fed rate hikes are seven quarters away. The Philippine government should continue with its game-changing Build, Build, Build program and its structural reforms pending in Congress.” T