MANILA - The Philippines' gross international reserves (GIR) reached a record $42.281 billion as of end-September, the Bangko Sentral ng Pilipinas (BSP) reported Wednesday.

The latest figure is slightly higher than the $41.492 billion recorded at end-August.

The country's forex reserves are at a record high, but it still ranks among the countries with the lowest reserves in Asia, outpacing only Pakistan and Bangladesh.

Inflows of remittances from overseas Filipino workers help boost the country's foreign exchange reserves.

BSP Governor Amando Tetangco has said remittances could rise over 3% this year, higher than the bank's previous forecast of flat growth from a record $16.4 billion in 2008.

Authorities are currently reviewing the estimate for GIR at year-end for a possible upward revision, following stronger than expected remittance flows.

It previously gave an estimate of $38.5 billion in forex reserves by end-2009, up from $37.55 billion in 2008.