RP's reserves hit record

RP's reserves hit record

MANILA (AFP): The Philippines' gross international reserves (GIR) hit a record high of US$8.3 billion, Central Bank governor Gabriel Singson said here.

The figure, posted on Wednesday, is equivalent to more than three months worth of exports and is significantly higher than the $7.488-billion GIR recorded in the first quarter of this year.

It has already topped the eight-billion-dollar GIR target set for the whole of the year.

GIR has been steadily rising since April. Singson attributed this to a surge in the entry of foreign exchange into the country.

He said the funds were coming in through investments in priority areas and in the stock market.