Foreign Investments Up In May

May foreign investments were higher at $64.241 billion or by $130 million compared to the previous report but gold reserves remained the same at $9.730 billion. Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. last week revised the full-year 2012 GIR projection lower to $77-$78 billion from $79 billion. Central bank data show that gross international reserves (GIR) as of end-May is still in the $76-billion level, but slightly lower than announced earlier of $76.015 billion, with the final tally amounting to $76.082 billion. GIR was boosted by remittances from overseas Filipinos, foreign direct and portfolio investments, exports and receipts from the business process outsourcing sector. (LCC)