"We will continue to ensure that policy settings are appropriately accommodative of non-inflationary growth," Amando Tetangco said in a mobile phone text message to reporters on Monday, after the government released economic growth data for the fourth quarter and for 2011.

The central bank cut interest rates by 25 basis points for the first time in 2-1/2 years at its Jan. 19 meeting to protect the economy from global shocks. It has said future policy action will hinge on the fourth quarter growth data.