Manila eyes reserves of $10.581b

Manila eyes reserves of $10.581b

MANILA (Reuter): The Central Bank of the Philippines is targeting gross international reserves of US$10.581 billion by the end of the year, Central Bank data released on Monday showed.

The level, equivalent to 3.2 months' worth of import payment, easily exceeds the $7.79 billion level registered by end 1995.

As of January, the level had reached $8.0 billion. The gross international reserve, which includes gold, foreign exchange, and short-term securities, is one of the economic targets presented by the Philippines during its ongoing review by the International Monetary Fund.