RP end-May foreign reserves at $36.6 bln


Posted at Jun 06 2008 11:37 AM | Updated as of Jun 06 2008 07:37 PM


MANILA - The Philippines' gross international reserves were $36.6 bln at the end of May, up from a revised $36.4 billion in April, the central bank said on Friday.

The monetary authority said the increase in reserves was due to proceeds from the sale of government power assets and the central bank's income from investments abroad.

The level of reserves at end-May are close to the top-end of the central bank's forecast this year of $35 billion to $37 billion in gross international reserves against $33.7 billion in 2007.