The BSP needs to be on the lookout for second-round effects of supply-side pressures, particularly on wages, utility rates and transport fares. BSP’s policy thrusts Against these major developments and challenges, the BSP will continue to pursue initiatives aimed at maintaining sound macroeconomic fundamentals supportive of a vibrant economy. We will, thus, remain focused on our inflation target.
These letters, like the statutory exception, permit bank employees to receive a nominal, one-time fee for the referral of customers to the broker-dealer, and do not attempt to establish a rigid mechanism for determining what constitutes a "nominal" fee in every circumstance. This flexible approach has worked well for both the banking and securities industries and has not, to our knowledge, caused significant problems.