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October 02, 2023

BSP Governor: Philippines armed with ample reserves to navigate global turmoil

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.


PNB recognized during SSS’s 66th anniversary celebration

The Social Security System (SSS) has bestowed two prestigious awards upon Philippine National Bank (PNB), designating them as the “Best Collection Partner” for the Overseas Bank category and the “Best Disbursement Partner” for the Universal Bank category during the “Balikat ng Bayan” Awards (BBA) 2023 ceremony held at the SSS Main Office in Quezon City on September 8.

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