By Prinz P. Magtulis (The Philippine Star)
Manila, Philippines - The country’s gross international reserves stood at $76.283 billion as of end June, according to data from the
Bangko Sentral ng Pilipinas (BSP).
This was a slight increase over the end-May foreign reserves of $76.082 billion.
“The increase in the reserves level was due mainly to inflows from the central bank’s income from overseas investments,
foreign currency deposits by banks, and evaluation gains on gold holdings,†BSP Governor Amando Tetangco Jr. said.
The BSP expects reserves to climb to record $77.5 billion to $78 billion at the end of 2012, slightly down from an original estimate of $79 billion.
The central bank’s
gold holdings amounted to $9.980 billion in June, up 2.6 percent from $9.730 billion in May. Foreign investments, however, showed a slight decline to $64.206 billion from $64.241 billion in June last year.
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