The Philippines’ gross international reserves (GIR) hit its lowest level in almost two years in October with the Bangko Sentral ng Pilipinas (BSP) attributing the drop to its foreign exchange operations and national government debt payments abroad.
Central bank data released on Tuesday showed the country’s foreign exchange reserves at $80.61 billion for the month, down 0.42 percent from September. A year earlier it was at $85.10 billion.
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