It is also worth noting that inflow of cash remittances from overseas Filipinos (OFs) coursed through banks remain steady reaching $ 2.5 billion in June. This is a 5.7-percent increase from the level posted in the same period a year ago. Meanwhile, export growth has actually picked up to around 13%.
As a result, the country’s gross international reserves (GIR) as of endJuly 2017 remains at more than $ billion, equivalent to nearly nine (9) months’ worth of imports of goods and services. Need for vigilance While the economic backdrop is favorable, the BSP remains vigilant given global and domestic challenges.