The monetary policy in the Philippines will likely remain accommodative for a long time as the Bangko Sentral ng Pilipinas (BSP) continues to assist the country's economic recovery, according to a Citi Philippines official.

'I think that Philippines will be one of those economies that will have to keep loose monetary policy for an extended period of time - sharp contrast of course to some of our neighbors like Korea, which is already triggered a tightening cycle,' Paul Favila, Citi Philippines country treasurer and head of markets and securities services, said during a briefing on Wednesday.