(Yahoo News) - The Philippines' gross foreign reserves continued their yearlong record-breaking climb to a new peak of $24.7 billion at end- March after a fresh inflow of loans from overseas donors, the central bank said.
Record remittances, portfolio inflows and export earnings have helped push the Philippines reserves up since 2005. They would have breached the $25 billion mark last month were it not for debt repayments totalling $1.16 billion by the central bank and the government.
Income from investments abroad and central bank U.S. dollar purchases also helped lift the total up 0.8 percent from February's $24.5 billion and higher than the central bank's current 2007 forecast for gross international reserves of $24 billion... full story here
Record remittances, portfolio inflows and export earnings have helped push the Philippines reserves up since 2005. They would have breached the $25 billion mark last month were it not for debt repayments totalling $1.16 billion by the central bank and the government.
Income from investments abroad and central bank U.S. dollar purchases also helped lift the total up 0.8 percent from February's $24.5 billion and higher than the central bank's current 2007 forecast for gross international reserves of $24 billion... full story here
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