PHL forex reserves slip to $106B in June

The Philippines' foreign exchange reserves declined by 1.08% to $106.08 billion as of June, compared to $107.25 billion in May.

The decrease was attributed to the lower valuation of gold holdings due to international market prices and government withdrawals for debt obligations and other expenses.

Despite the decline, the current level is still 13.5% higher than the same period last year and considered adequate at 12.1 months' worth of import coverage.

Fitch Ratings noted the Philippines' high foreign-currency reserves as a credit strength, though it revised the country's outlook to negative from stable.