MANILA — The Philippines’ gross foreign reserves PHFXR=ECI dropped to $103 billion at the end of January, from $106 billion a month earlier, the central bank said on Friday, citing preliminary data.
The latest forex reserves represents a more-than-adequate external liquidity buffer equivalent to 7.3 months’ worth of imports of goods and payments of services and primary income, it said in a statement.
—Reporting by Karen Lema; Editing by Martin Petty
