BSP says forex reserves may fall below forecast
MANILA, Philippines - The country’s gross international reserves (GIR) may sum up below what was previously forecast for this year amid the uncertainties in the global financial markets, a Bangko Sentral ng Pilipinas official said over the weekend.
“Given the uncertainty in the market, we have to be conservative,” BSP Deputy Governor Diwa C. Guinigundo told reporters when asked if this year’s GIR projection will be cut.
“We’re still looking at the numbers given the new developments like, we’ve seen how capital flows have started coming back. We need to consider that in our projections,” he said.
He further said that the central bank is also meeting with industry stakeholders such as those from the business process outsourcing (BPO) and tourism sectors in order to validate the current estimates.
“We need to consider all that market information,” Guinigundo said.
The GIR reflects a country’s ability to pay for its foreign debt and its imports of goods and services.
The BSP has forecast the GIR level to reach $88 billion by year-end, six percent higher than the $83.187-billion figure in 2013.
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