The Bangko Sentral ng Pilipinas (BSP) reported on Friday that the Philippines’ reserves as of end-June stood at $85.38 billion, higher by a $0.02 billion from the previous month.
This is also a 10 percent increase from the $77.52 billion recorded in the same month last year.
“The month-on-month increase in the GIR level was due mainly to inflows arising from the 1) revaluation gains from the BSP’s gold holdings resulting
from the increase in the price of gold in the international market, 2) National Government’s net foreign currency deposits, 3) BSP’s foreign exchange operations, and 4) BSP’s income from its investments abroad,” the BSP said in a statement.
This figure, the BSP added, would be enough for 7.4 months’ worth of import of goods and payments of services and primary income.
The June GIR was also equivalent to 5.1 times the nation’s short-term external debt.
A country can use its GIR for payments that require foreign exchange. It could also keep the exchange rate stable.
The Philippines’ dollar reserves level has constantly risen since October 2018.
Metro Manila (CNN Philippines, July 5) — The country’s gross international reserves (GIR) rose for the eighth straight month in June.
