Purisima: Dollar reserves should be put to productive use

Posted at Feb 13 2013 05:29 PM | Updated as of Feb 14 2013 01:46 AM

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Finance Secretary Cesar Purisima said the government is working with the Bangko Sentral ng Pilipinas on the peso.

He said the government has foregone its usual early-in-the-year dollar borrowing because there are too many dollars here already.

Purisima said the real solution is productive public and private projects that need to import materials, sending dollars back abroad instead of leaving them here for speculative purposes.

Coco Alcuaz talks to the Finance Secretary before today's briefing. ANC News Now, February 13, 2013