BSP raises foreign reserves forecast to $83B

Posted at | Updated as of 12/04/12 11:48 PM

MANILA, Philippines - The Bangko Sentral ng Pilipinas raised its foreign reserves forecast for the year.

From a previous estimate of $78 billion, the BSP now expects foreign reserves to reach $83 billion by year end. 

BSP Governor Amando Tetangco says the foreign reserves forecast for next year is $86 billion.

Foreign reserves hit $82 billion at the end of October, due to huge inflows in foreign funds and remittances by overseas Filipino workers. - ANC