Sept forex reserves at record $53.5-B

ABS-CBN News

Posted at Oct 07 2010 02:43 PM | Updated as of Oct 08 2010 01:17 AM

MANILA, Philippines - The country's gross international reserves (GIR) hit a fresh record high of $53.542 billion in September, the Bangko Sentral ng Pilipinas (BSP) reported Thursday.

The latest GIR figure was up 7.2% from the revised $49.906 billion recorded in August.

BSP Governor Amando Tetangco earlier said the country could exceed the central bank's foreign exchange reserves forecast of $50 billion by end-2010 due to strong inflows of remittances from overseas Filipinos and foreign portfolio investments.

The Philippines' forex reserves are at a record high, but they still rank among the lowest in the region, outpacing only Pakistan and Bangladesh.

The BSP expects remittances to climb 8% in 2010, faster than a previous forecast of 6% growth, as more Filipinos take up jobs overseas. - With Reuters