In fact, when you look at the rise of our balance sheet, it is largely because we purchased foreign exchange. The only time we purchased Philippine government bonds was because of COVID. Fed actions: always relevant but less of a concern in policy-making Of course, we are affected by what happens with the Fed [United States (US) Federal Reserve].
But, in general, our inflation policy is largely driven by Philippine inflation. What was unique about this year is that the US policy rate changes were so large-four 75 basis points (bps) [hikes] in a row-to the point where the Philippine policy rate became too close to the US policy rate.