The Bangko Sentral ng Pilipinas (BSP) cut its 2015 Gross International Reserves (GIR) target due in part to the slower growth of remittances from Filipinos overseas. To date, the Central Bank’s GIR target for the year is USD 80.7 billion, down from the USD 81.6 billion made last May. BSP Governor Amando Tetangco Jr., earlier traced the lower foreign reserves level to revaluation of the Central Bank’s Gold Holdings due to drop in the price […]