Gross international reserves hit $88.9-B in December

ABS-CBN News

Posted at Jan 07 2020 06:01 PM | Updated as of Jan 07 2020 07:12 PM

MANILA - The Philippines' gross international reserves (GIR) reached a historic high of $87.86 billion at the end of December last year, the central bank said on Tuesday. 

The Bangko Sentral ng Pilipinas (BSP) said this was higher by $1.63 billion compared to the GIR at the end of November 2019. 

"The month-on-month increase in the GIR level reflects the inflows arising from the BSP's foreign exchange operations and income from its investments abroad, and the National Government's (NG) net foreign currency deposits," the BSP said. 

The country's reserves are equal to more than 7 months' worth of imports and can pay 5.5 times the country's short-term external debt, the BSP said.