PH-Dollar reserves seen hitting fresh record highs on remittances

According to Banko Sentral ng Pilipinas (BSP),  REMITTANCES from Overseas Filipino Workers (OFWs) will help beef up the country’s record dollar reserves until the end of the year.

Diokno said the end-September 2019 level gross international reserves serves as an ample external liquidity buffer and is equivalent to 7.5 months’ worth to imports of goods and payments of services and primary income.

Net International reserves – which refers to the difference between the BSP’s dollar reserves and total short-term liabilities, likewise increased by $130 million to $86.15 billion as of end-September 2019 from the end-August 2019 level of $86.02 billion.

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