The central bank reiterated on Wednesday it does not have to follow the recent monetary policy actions of other major central banks but has to stay alert over the identified risk factors that could prompt a change in policy direction.

“Every time a major central bank makes a move, and in this case, shifts policy, the rest of the world pauses and takes stock, especially given the interconnectedness of global markets,” Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said in reaction to China’s latest monetary policy action cutting its benchmark interest rates.

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