PH gross foreign reserves drop to 3-mth low

The Philippines’ gross international reserves (GIR) hit a three-month low of $81.41 billion in June, falling from previous levels amid dollar outflows from the central bank’s foreign exchange operations and debt payments, as well as gold revaluation adjustments.

“These were partially offset by the net foreign currency deposits by the national government and income from the BSP’s investments abroad,” the central bank said in a statement.