Metro Manila (CNN Philippines, November 7) — The Philippines’ international reserves hit a fresh high of $85.7 billion in October, according to latest data from the Bangko Sentral ng Pilipinas (BSP).
This is a $120 million increase from the $85.58 billion recorded in September, which was the highest since September 2016.
The gross international reserves (GIR) are the foreign assets controlled by the BSP that can be used to directly pay and manage imbalances in case of an emergency. It is one of the measures considered by international debt watchers when rating a country’s economic stability.
According to the BSP, the GIR levels as of end-October will be able to pay for 7.5 months’ worth of imported goods and services and payment of primary income.
It can also pay for 5.5 times the country’s current short-term foreign debt.
