IMF corrects its estimate of Philippine reserves

PHILIPPINES - The International Monetary Fund has acknowledged that the Philippine central bank's gross international reserves position is stronger than the fund's initial estimate, the bank said.

It said the IMF issued a corrected calculation of the bank's ratio of foreign reserves to short-term debt on a residual basis.

The ratio estimates the cushion provided by foreign reserves in servicing the principal debts of both the public and private sectors that will mature within a year. A ratio of