MANILA - The Philippine central bank will soon introduce a property price index, part of a series of measures to help prevent an asset-price bubble from forming in the real estate market.
The Residential Real Estate Price Index will help policymakers track property prices and assess the risks arising from the country's booming real estate market, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco said in an email to reporters.
"The series should be available to the public before the end of the second quarter," Tetangco said. It will be the first index tracking property prices in the country.
Policymakers have repeatedly said there are no signs of an asset bubble in the country's rapidly expanding property market, noting that while banks' property exposure continued to rise, their non-performing real estate loans were declining.
Tetangco said in February that latest data showed universal and commercial banks were in a position to withstand shocks in their real estate exposure.
Strong consumption, fuelled by rising incomes from a growing outsourcing industry and steady remittance inflows from Filipino workers overseas, was driving the property market upturn.
The Philippines is expected to remain one of the fastest-growing economies in Asia, with the government targeting 7-8 percent growth this year, after a 6.1 percent expansion in 2014, the fastest in Asia after China.
Source: ABS - CBN News
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