Philippines gross foreign reserves at $97.4 billion at end-October

Business Recorder reported that the Philippines’ gross foreign reserves stood at $97.4 billion at the end of October, based on preliminary figures released by the central bank on Friday. The level was lower than the revised $99.5 billion recorded a month earlier, indicating a month-to-month decline in the country’s reported reserve holdings.

The central bank said the latest reserves could cover 6.1 months of imports of goods, along with payments for services and primary income. This measure describes the external liquidity buffer represented by the reserves, while the report does not identify any change in the stated import-coverage period. For Pakistani investors, the update is a regional macroeconomic data point, but it names no PSX-listed company and reports no direct effect on Pakistan’s markets.