"For the BSP (Bangko Sentral ng Pilipinas), US treasuries will continue to be within the allowable investible universe for our reserves, even with the one notch downgrade by S&P," Amando Tetangco said in an email to reporters.

"Many still see the US treasury market as a safe haven."

"Dips in the value of US treasuries would be compensated for by (our) earlier diversification moves," he said.

Copyright Reuters, 2011