Meanwhile, the country’s strong external position continued to inspire confidence among investors and creditors, with the current account remaining in surplus, given the steady inflow of remittances from overseas Filipinos and receipts from BPOs, and a healthy level of gross international reserves that can support a robust economy.
I am pleased to inform you that preliminary GIR at end-December 2015 was reported at $ over $ more than the level at end-December 2014. At $ the reserves can cover 10.3 months’ worth of imports and payment for goods and services. Third-party sentiment on the domestic economy’s prospects also remained bullish.