WHILE it closely monitors policy moves by other central banks, the Bangko Sentral ng Pilipinas (BSP) said other factors such as oil prices and the impact of the El Niño on inflation are more important to setting monetary policy her in the Philippines.

“We watch developments in policy stances of other jurisdictions but don’t have to move in sync with other policy makers,” BSP Governor Amando Tetangco Jr. told reporters in a text message on Friday, in response to questions following the economic stimulus announced by the European Central Bank (ECB).

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