The monthly average peso-dollar exchange rate continued its upward movement reaching 42.9069PHP to the US dollar in June, the highest monthly average exchange rate since January last year.
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The gross international reserves (GIR) stood at US$81.6 billion as of end-June 2013, slightly lower by US$0.4 billion than the end-May 2013 GIR of US$82 billion. According to Bangko Sentral ng Pilipinas, reserves remain adequate to cover 11.8 months worth of imports of goods and payments of services and income.
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