RP end-July foreign reserves at $36.9 bln
Filed under Business by Pangasinan Today on 07-08-2008
The Philippines’ gross international reserves rose to $36.9 billion in July from $36.7 billion in June, the central bank said on Thursday.The monetary authority said the slight increase in reserves was due to proceeds from the sale of government power assets and the central bank’s income from investments abroad.
The level of reserves at the end of July nearly tipped the top end of the central bank’s forecast for year-end reserves of $35 billion to $37 billion against $33.7 billion at the end of 2007.
