The slight policy-tightening move taken by the central bank was intended to calm the volatility of the financial sector that, if left unchecked, could have led to the formation of a real estate bubble and a further weakening of the Philippine peso, an ING Bank economist said.
In his latest market analysis and forecast, ING Bank Manila senior economist Joey Cuyegkeng said a low interest rate environment, coupled with high liquidity growth, might encourage excesses, which could be seen in banks’ exposure to certain sectors, including real estate.
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