MANILA, Nov 7 (Reuters) - The Philippine central bank
released on Thursday preliminary data on gross international
reserves (GIR) at the end of Oct:
KEY DATA Oct Sept Aug July June May
GIR ($ bln) 83.420 83.507 82.891 83.172 81.255 81.967
NOTE: Data is preliminary. September figure was revised.
- The level of reserves slightly declined in October due to
foreign debt payments by the national government and adjustments
of the central bank's gold holdings, the Bangko Sentral ng
Pilipinas said in a statement.
- The central bank expects record gross international
reserves of $87 billion this year, up slightly from a previous
forecast of $86 billion.
- Despite global volatility resulting from the U.S. fiscal
crisis, growth this year and next will likely exceed 7 percent,
central bank deputy governor Diwa Guinigundo told Reuters last
month, adding that the country has enough buffers to withstand
- The Philippines has been a bright spot in Asia, having
been upgraded to investment grade by all three ratings agencies
- A major factor boosting the Philippines is its current
account surplus, underpinned by an average of more than $1.7
billion in remittances from overseas Filipinos each month,
whereas some of its neighbours have deficits that have been
worsening this year.
(Reporting by Karen Lema; Editing by Rosemarie Francisco)
Keywords: PHILIPPINES ECONOMY/RESERVES
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