Philippines’ forex reserves hit a record of $37.1b

The Philippines ended 2008 with a record $37.1 billion in foreign reserves, the central bank reported Wednesday, despite a large outflow of foreign portfolio investments amid a food price crisis earlier in the year and a global financial turbulence that led to the peso’s decline.The central bank, Bangko Sentral ng Pilipinas (BSP), said the country’s gross international reserves (GIR) increased by $300 million from end-2007. It added that a seasonal surge in foreign exchange remittances in December from Filipinos abroad raised the yearend total an end-November level of $35.3 billion.Read Full Article


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