In terms of monetary policy, rest assured that future policy actions of the BSP will continue to be guided by the following principles: it will be focused on achieving inflation targets, it will be proactive and pre-emptive, and it will be data-dependent and evidence-based.
As regards the outlook of the economy, external demand is expected to continue upholding the economic growth, and the special tax-cut measures announced in December 1997 are expected to have positive effects on household spending.