Sunday, 11 January 2009

PHILIPPINES: Foreign reserves to decline on slower OFW remittances

Jan. 10--The Philippines' foreign reserves would decline this year due to slower remittance flow from overseas Filipinos, Fitch Ratings Inc. said.

In a statement, Fitch Ratings said the country's gross international reserves (GIR) is projected to reach below the $37 billion this year.

"Fitch expects the country's current account to turn into a small deficit this year, and foreign reserves to decline slightly from last year's $37.1 billion," Franklin Poon, Fitch Sovereign group director said. Read more

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