Philippines gross foreign reserves at $106.2 billion at end-March

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US dollar bills. (The STAR/Edd Gumban)

MANILA —The Philippines’ gross foreign reserves PHFXR=ECIdropped to $106.2 billion at the end of March, from $107.4 billion in February, the central bank said on Monday, citing preliminary data.

The latest forex reserves a provides an external liquidity buffer equivalent to 7.3 months worth of imports of goods and payments of services and primary income, it said in a statement.

—Reporting by Karen Lema; Editing by Toby Chopra