PH dollar reserves fall to six-year low as outflows continue

      The Philippines' dollar reserves fell to its lowest level in six years at the end of last month as investors continued to convert their holdings into foreign currency either to repatriate their assets or to protect them against the peso's weakness. In a statement, the Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr. said that the country's gross international reserves level as of end-June 2018 was lower at $77.68 billion from the end-May 2018 level of $79.2 billion. This was its lowest level since the $75.3 billion recorded at the end of 2011. "The month-on-month decline in the dollar reserve level was due mainly to outflows arising fro...

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