RP reserves reach $12.05b

RP reserves reach $12.05b

MANILA (AFP): Central Bank of the Philippines governor Gabriel Singson yesterday announced gross international reserves (GIR) peaked at US$12.05 billion the previous day.

"Given the current state of investor confidence on the Philippines, the targeted end-year GIR level of 14 billion dollars projected.....will certainly be achieved within a shorter time frame," Singson said.

The Central Bank noted average volume of trading in the Philippine dealing system reached $175.7 million a day, compared to 110 million dollars for the whole of 1996.