Philippine Central Bank likely to raise 2011 foreign reserve forecast

Posted By on November 16, 2011

MANILA, Nov 16 (Reuters) – The Philippines expects to end the year with foreign reserves of a record $76 billion, which would support a higher than previously estimated balance of payments (BOP) surplus, the central bank governor said on Wednesday.

Amando Tetangco told reporters monetary authorities were likely to maintain a current forecast of a 7 percent growth in remittances from Filipinos overseas this year.

The central bank’s previous forecast was for foreign reserves to hit $74-75 billion, and balance of payments surplus of $6.7 billion this year.