RP's forex reserves rise

RP's forex reserves rise

MANILA (AFP): Philippine commercial banks registered US$9 billion in foreign currency deposits at the end of November, central bank governor Gabriel Singson said yesterday.

He said the figure was $2 billion up from the same month a year earlier.

November's figure was also up from US$8.719 billion in October and $8.486 billion in September.

The rise was due to the onset of the Christmas season as overseas workers increased the amount of money they sent home, the central bank said in a statement.

Foreign currency deposit units, mostly in U.S. dollars, are maintained in 46 local commercial banks by families of overseas contract workers, export firms and companies receiving foreign investments.