MANILA, Philippines—The amount of foreign exchange held in stock by the Philippine central bank dipped slightly in May as the government used some US dollars to repay its maturing obligations, according to the regulator.
In a statement, the Bangko Sentral ng Pilipinas (BSP) said the country’s gross international reserve level, based on preliminary data, settled at $106.98 billion as of end-May 2021 from the end-April 2021 level of $107.71 billion.
“The month-on-month decrease in the [dollar reserve] level reflected outflows mainly from the foreign currency withdrawals of the national government from its deposits with the BSP to pay its foreign currency debt obligations and va…
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