MANILA, March 18 (Xinhua) -- The Bangko Sentral ng Pilipinas (BSP) on Wednesday said it is "closely monitoring" the impact of the Middle East conflict on the Philippine inflation and the economy.

In a statement, the bank expressed its hope for the safety of overseas Filipino workers and other civilians as the conflict in the Middle East continues.

Ahead of its monetary policy meeting next month, the central bank said price stability is its main mandate, and that it has been assessing the potential impact of higher oil prices on the price of fertilizer, transport fares, and inflation in general.

The central bank said it is also monitoring effects on the country's current account, including remittances and trade, and financial markets.

On the peso, the BSP stressed that it operates in the foreign exchange market to smooth excess volatility and maintain orderly conditions. ■