MANILA, Oct 31 (Reuters) - The Philippine central bank will maintain its presence in the markets as appropriate to prevent excessive volatilities in financial asset prices, Governor Amando Tetangco said on Thursday, after the U.S. Federal Reserve extended its stimulus program as expected.

"The Fed's decision prolongs the waiting game for the inevitable," Tetangco said in a text message to reporters.

"In the meantime we can expect 'risk on' behaviour in emerging markets," he said. "The BSP (central bank) will be watching market conduct closely for excessive volatilities in financial asset prices and will maintain presence in the markets as appropriate."