For 2015, the DBCC is projecting that the economy would grow 7–8 percent within an inflation target range of 2 to 4 percent. The way we see it, the risks to inflation in 2015 are broadly balanced. Higher utility rates and LRT fares will be counterbalanced by lower international oil prices, which fell to around $ per barrel this week, the lowest since 2009.
For 2015, therefore, we expect inflation would be well-within the target range. This should provide the BSP the flexibility to keep policy rates at low and stable levels in support of economic growth. On the exchange rate, another metric the BSP is always asked about, I can tell you that our policy remains the same.