Central bank of Philippine to focus on boosting growth

Bangko Sentral ng Pilipinas announced it will concentrate more on stimulating the economic growth in the country while determining the monetary policy. Before, the central bank pursued an objective to manage inflation to meet the target of 3%-5% inflation rate but now the bank will respond to the economic slowdown by fine-tuning the policy to boost growth. The GDP expansion is expected to hit 5% or the lower level of the government's target while private consumption limits the decrease in growth pace, said Amando Tetangco, governor from the central bank of Philippines.