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Philippine Reserve Assets Decline In March

Philippines' gross national reserves decreased slightly from the previous month in March, data released by the central bank showed Wednesday.

Gross national reserves dropped to $76.540 billion in March from $77.011 billion at the end of February. The bank said that the decline in reserves was due mainly to payments for maturing foreign exchange obligations of the government, foreign currency withdrawals by authorized agent banks and revaluation losses on the central bank's gold holdings.

Foreign exchange reserves dropped to $303.85 million at the end of March from $348.45 million in the previous month, while the country's reserve position in the IMF moved up to $516.95 million from $478.49 million.

The value of gold reserves climbed to $10.444 billion March from $8.888 billion in February, while special drawing rights (SDRs) remained unchanged at $1.304 billion.

by RTT Staff Writer

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