Proposals to strengthen domestic financial markets are being considered by the interagency Financial Stability Coordination Council (FSCC) amid renewed global volatility, the Bangko Sentral ng Pilipinas (BSP) said on Tuesday.

In a statement, the central bank said that FSCC met on Tuesday “to assess potential risks to the stability of the local financial system”, with the council recognizing “increased volatility in macro-financial markets where interest rates have generally become more volatile, investors have rebalanced towards safe haven currencies, and threats to global economic growth have increased.”