The Bangko Sentral ng Pilipinas is an inflation targeting central bank that uses forward guidance to communicate the likely future course of its 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. To enhance this policy tool, the BSP shall adopt a quiet period, which is a pre-determined period before each scheduled monetary policy meeting of the Monetary Board, when the release of information related to current or prospective monetary policy issues and decisions is limited until the official announcement of the monetary policy decision to the public.
A quiet period shall be observed seven (7) calendar days prior to the scheduled monetary policy meeting until the announcement of the monetary policy decision to the public.
During this period, BSP officials and personnel who have knowledge or information related or pertaining to the upcoming monetary policy meeting, shall be guided by the following:
- The Governor
The Governor may speak about the current monetary policy issues or prospective monetary policy decisions during the quiet period, with the concurrence (i.e., majority) by the MB.
- Members of the Monetary Board, Deputy Governors, and Senior BSP Officers1
Unless designated or authorized by the Governor. members of the Monetary Board, Deputy Governors, and Senior BSP Officers
a. shall not accept any media interviews or speaking engagements on topics related to current or prospective monetary policy issues and decisions during the quiet period and;
b. shall not disclose confidential information, express their personal opinions or provide analysis and predictions to members of the public and other parties2 about macroeconomic developments, prevailing monetary policy issues, or upcoming monetary policy decisions, on or off the record, during the quiet period. 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.
BSP Technical Staff
The BSP Technical Staff who have knowledge of confidential information related to the upcoming monetary policy meeting due to their role as technical staff of the Advisory Committee3, shall be subject to the same restrictions under No. 2 above. However, they may carry out their responsibilities in connection with public dissemination of regularly published reports during the quiet period, such as providing factual background information and answering technical questions specific to a scheduled media or data release.
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1
Refers to Senior Assistant Governors, Assistant Governors, Managing Directors, and Heads of Departments/Offices 2
BSP personnel who are not involved in the formulation of the prospective monetary policy decision/stance 3
Per Office Order No. 2010 s. 2023 on Amendment to Office Order No. 0902, Series 2022 - Reconstitution of the Membership of the Advisory Committee and the Technical Staff, the Advisory Committee shall advise the Monetary Board on issues relating to the formulation and implementation of monetary policy and shall be supported by the Technical Staff from the Monetary Policy Sub-sector, Financial Supervision Sector, Financial Markets, and Office of Systemic Risk Management.
