Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona expressed confidence in the Philippines’ resilience against global economic upheavals, underscoring the nation’s substantial foreign exchange reserves as a bulwark against potential shocks.
Addressing a recent budget hearing, Remolona acknowledged the specter of a worldwide economic deceleration that could indirectly affect the Philippines.
However, he highlighted the country’s formidable financial cushion, comprised of ample foreign exchange reserves, as a critical safeguard against possible negative repercussions.
As of end-July, the BSP’s gross international reserves (GIR) reached $99.7 billion, which bolsters the country’s economic defenses. Though momentarily below the $100 billion mark, BSP foresees a resurgence to this level by the close of 2023 and into 2024.
