The Philippines' gross foreign reserves rose to $104.48 billion at the end of May, from $102.65 billion a month earlier, the central bank said on Friday, citing preliminary data.

The reserves are a more-than-adequate external liquidity buffer, equivalent to 7.7 months' worth of imports of goods and payments of services and primary income, it said in a statement. (Reporting by Neil Jerome Morales; Editing by Kevin Liffey)