BSP to observe 'quiet period' before policy meeting in Philippines

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The Bangko Sentral ng Pilipinas (BSP) has reminded members of the Monetary Board and other central bank officials to not give any information or forward guidance on monetary policy seven days before a scheduled policy review.

In a post on its website, the BSP said it uses forward guidance to communicate and signal the future direction of the country's monetary policy.

'Forward guidance requires the BSP to exercise transparency, to be consistent in its messaging, and to project a single voice to the public when communicating the intention and direction of monetary policy,' the central bank said.

'To enhance this policy tool, the BSP shall adopt a quiet period, which is a predetermined period before each scheduled monetary policy meeting of the Monetary Board,' it said.

According to the BSP, a quiet period will be observed seven days before a scheduled policy-setting meeting.

This is when the release of information or any forward guidance related will be limited until the policy decision is officially announced to the public.

During the quiet period, Monetary Board members, deputy governors and senior BSP officers will not accept any media interviews or speaking engagements on topics related to monetary policy issues and decisions.

'Only information that has already been cleared for publication by appropriate officials, made widely available to the public prior to the quiet period and without reference to prospective monetary policy decisions may be provided,' the BSP said.