MANILA — The Philippines’ gross foreign reserves PHFXR=ECI dropped to $104.7 billion at the end of June, from $105.02 billion a month earlier, the central bank said on Friday, citing preliminary data.
The latest forex reserves are a more than adequate external liquidity buffer, equivalent to 7.7 months worth of imports of goods and payments of services and primary income, it said in a statement.
—Reporting by Mikhail Flores; Editing by Andrew Heavens
