MANILA — The Philippines‘ gross foreign reserves PHFXR=ECIdropped to $103.4 billion at the end of July from $104.7 billion a month earlier, the central bank said on Friday, citing preliminary data.
The reserves can provide an external liquidity buffer equivalent to 6.7 months’ worth of imports of goods and payments of services and primary income, it said in a statement.
—Reporting by Mikhail Flores; Editing by John Mair
