The Philippines has stood out as one of the most stable emerging markets in Asia in the past 16 months - the peso did not drop against the US dollar, as in the case of other Asian currencies, and the country did not experience large capital outflows as a result of the US Federal Reserve rate rise in late 2015. Much of this was due to the Bangko Sen-tral ng Pilipinas (BSP), the Philippines' central bank, which managed capital flows efficiently, kept inflation and the currency in check, and raised interest rates as far back as 2014. This strong performance means Amando Tetangco, the BSP governor, is now free to set his own monetary policy without having to follow global trends.
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机译：在过去的16个月中，菲律宾已成为亚洲最稳定的新兴市场之一-比索并没有像其他亚洲货币一样对美元汇率下跌，而且该国也没有经历过大量资本外流是由于美国联邦储备委员会（Federal Reserve）在2015年末加息。这主要归功于菲律宾中央银行（Bangko Sen-tral ng Pilipinas（BSP）），该银行有效管理资本流动，控制通货膨胀和控制货币，并且早在2014年就提高了利率。这一出色的表现意味着BSP州长Amando Tetangco现在可以自由制定自己的货币政策，而不必遵循全球趋势。
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