MANILA, Philippines — Dollar inflows outnumbered outflows in the Philippines for the first time this year in August, helping boost the country's declining foreign reserves being used to stop the peso from plummeting. These earnings typically pile up at the central bank as foreign reserves. Indeed, in August, the country's foreign reserves recovered to $77.93 billion from the previous month's $76.72 billion, data showed. The central bank has been using the country's reserves to temper the peso's recent declines against the dollar. It does so typically by exchanging dollar assets in the reserves for pesos to boost the local currency demand and value.

Source: Philippine Star September 19, 2018 13:18 UTC