By Cris Larano
MANILA--The Philippines' central bank has lowered its end-2012 targets
for balance of payments and international reserves because of
volatility caused by the ongoing euro zone sovereign debt crisis.
Bangko Sentral ng Pilipinas Gov. Amando Tetangco at a forum of
financial executives said the bank is now looking at gross
international reserves of $77.5 billion to $78 billion by the end of
the year instead of $79 billion, and a balance of payments surplus of
$2.6 billion rather than $2.8 billion.
Gov. Tetangco said the bank had to adjust the targets to take into
account the impact on capital flows of the euro-zone crisis.
Write to Cris Larano at cris.larano@dowjones.com
(END) Dow Jones Newswires
June 18, 2012 01:40 ET (05:40 GMT)
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