MANILA — The Philippines’ gross foreign reserves dropped to $108.5 billion at the end of November, from $111.1 billion a month earlier, the central bank said on Friday, citing preliminary data.
The latest forex reserves are a “more-than-adequate” external liquidity buffer, equivalent to 7.8 months’ worth of imports of goods and payments of services and primary income, it said in a statement.
— Reporting by Mikhail Flores and Karen Lema; Editing by Kevin Liffey