The Philippines' gross international reserves climbed up 46.7 percent over a year to hit a record 33.7 billion U.S. dollars at the end of 2007, the central bank announced.
According to a report posted on the website of Bangko Sentral ng Pilipinas, the central bank, on Tuesday, the year-end dollar reserves is at "historic level", overshooting the previous projection of 33 billion dollars.
The central bank said the hefty reserves was accumulated over strong inflows from the bank's net foreign exchange operations and income from its investments abroad.
"At this level, reserves could cover 5.9 months of imports of goods and payments of services and income," the bank said.
For this year, the bank is targeting at least 35 billion in dollar reserves.
Source: Xinhua
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