BSP: US Treasuries to remain part of forex reserves

The Philippines will keep on investing in US Treasuries as part of its foreign reserve management despite the credit rating downgrade by Standard & Poor's of US debt, the Bangko Sentral ng Pilipinas (BSP) said Saturday. According to a report on Reuters, BSP Gov. Amando Tetangco Jr. said the bonds are still considered by many a safe haven due to their depth and liquidity. “For the BSP, US Treasuries will continue to be within the allowable investible universe for our reserves, even with the one notch downgrade by S&P," Tetangco said in an email to reporters. “Dips in the value of US Treasuries would be compensated for by [our] earlier diversification moves," he said. — JE, GMA News