MANILA, June 14 (Reuters) - The Philippine central bank is closely watching the rapid pace of domestic credit growth, its incoming governor said on Wednesday, even though he said it was being driven by legitimate demand.
“We’re not being complacent about it,” Nestor Espenilla said in an interview. Espenilla will take the helm at the central bank next month.
Espenilla also said the Philippines economy, one of Asia’s fastest growing, was in “good shape” and inflation was “under control.”
Amid a robust economy and tame inflation, the central bank is likely to keep benchmark interest rates steady when it holds its next policy meeting on June 22. (Reporting by Karen Lema; Writing by Manolo Serapio Jr.; Editing by Raju Gopalakrishnan)