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.