MANILA, Philippines — The Philippines’ gross international reserves rose to $108.8 billion in September, marking the highest level in 11 months. This increase was primarily driven by higher gold prices, which boosted the value of the central bank’s holdings.
The reserves climbed from $107.1 billion in August, reflecting gains not only from rising global gold prices but also from investment income and foreign currency deposits by the national government.
https://business.inquirer.net/551297/gold-rally-lifts-ph-dollar-reserves-to-11-month-high