MANILA—The country’s foreign exchange reserves (FX reserves) is expected to rise to as high as $70 billion this year. This is far higher than the $66 billion earlier projected FX reserves for 2011.

Bangko Sentral Governor Amando Tetangco Jr., during the Philippine Economic Briefing at the Dusit Thani Hotel in Makati, said that the projected balance of payments surplus this year is pegged at $6 billion.

As of end-January, FX reserves amounted to $63.608 billion—sufficient enough to cover the country’s external debt, which was estimated at $59.8 billion as of September last year.

Remittances from overseas Filipino workers are major contributor to the soaring reserves increase, which could amount to $20 billion this year, on an 8 percent growth.

Other sources are outsourcing revenues which could add another $10 billion, exports, foreign investments, and foreign borrowings