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. 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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