MANILA, Mar 8 (NNN-PNA) – The Philippines’ gross international reserves (GIR) rose to 106.7 billion U.S. dollars, at the end of Feb, from 103.3 billion dollars at the end of Jan, according to the Philippine central bank data, released last night.
The Bangko Sentral ng Pilipinas (BSP), said, the Feb GIR level represents a more than adequate external liquidity buffer, equivalent to 7.5 months’ worth of goods imports, services payments, and primary income.
The central bank added that, the Feb GIR level is about 3.8 times the country’s short-term external debt, based on residual maturity.
“The month-on-month increase in the GIR level reflected mainly the national government’s net foreign currency deposits with the BSP, which include proceeds from the issuance of Republic of the Philippines Global Bonds, upward valuation adjustments in the BSP’s gold holdings, due to the increase in the price of gold in the international market, and net income from the BSP’s investments abroad,” the BSP added.– NNN-PNA
