Friday, 6 January 2012

PH has enough dollars to withstand Euro debt crisis

by Roderick T. dela Cruz
Manila Standard

The Philippine financial system is so awash with dollars that it could insulate the economy from the European debt crisis.

Bangko Sentral Deputy Governor Diwa Guinigundo said total dollar deposits held by foreign currency deposit units of banks hit $25 billion, which is more than enough to cover the demand for the dollars.

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