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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies

Foreign currency deposits in Philippines remains stable amid shaky financial markets

Posted on 28 October 2008

From Gmanews.tv: Foreign deposits in Philippine banks remain stable despite the ongoing global financial meltdown, the Bangko Sentral ng Pilipinas (BSP) said.

BSP deputy governor Diwa C Guinigundo said remittances are still at healthy levels since many Filipinos overseas are in countries which are not badly hit by the economic slowdown. While the Philippines is not spared from the impact of fleeing dollars, Guinigundo noted that remittances from US-based Filipinos account for only 30 percent of the inflows from overseas Filipinos….. Full Article: Source


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