Philippines gross foreign reserves at $107.5 billion at end-March

MANILA — The Philippines’ gross foreign reserves PHFXR=ECI dropped to 107.5 billion at the end of March, from the revised 113.3 billion a month earlier, the central bank said on Tuesday, citing preliminary data. The latest forex reserves provide a “robust” external liquidity buffer equivalent to 7.1 months’ worth of imports of goods and payments of services and primary income, it said in a statement.