Manila's reserves rise

Manila's reserves rise

MANILA (AFP): The Philippines's gross international reserves rose to a 10-year high of US$10.25 billion as of Wednesday, Central Bank of the Philippines governor Gabriel Singson said.

The central bank had put the gross international reserves level at $9.66 billion on May 10.

A surge of foreign funds forced monetary authorities to purchase dollars to protect the peso from drastic fluctuations, he told reporters.