Philippines gross foreign reserves at $97.4 billion at end-October

MANILA: The Philippines’ gross foreign reserves dropped to $97.4 billion at the end of October, from a revised $99.5 billion a month earlier, the central bank said on Friday, citing preliminary data.

The latest forex reserves would provide an external liquidity buffer equivalent to 6.1 months worth of imports of goods and payments of services and primary income, it said in a statement.

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