The country’s international reserves contracted 7.4 percent year-on-year in January, according to data from the Bangko Sentral ng Pilipinas (BSP).
In the coming months, Ricafort said the GIR could be driven by Overseas Filipino worker (OFW) remittances, revenues from the business process outsourcing (BPO) sector, higher exports, and foreign tourism revenues.
The Bangko Sentral ng Pilipinas (BSP) believes inflation may have already peaked in January 2023.President Ferdinand R.Marcos Jr.said he will forge more partnerships with other Asian nations to boost the Philippines’s international competitiveness.
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