MANILA — The country's gross international reserves (GIR) level rose to $96 billion as of the end of December 2022 from $95.1 billion the previous month, data from the Bangko Sentral ng Pilipinas showed.
"The month-on-month increase in the GIR level reflected mainly the Bangko Sentral ng Pilipinas’ (BSP) net foreign exchange operations, the upward valuation adjustments in the value of 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 central bank said in a statement.
The BSP said the latest GIR level represents more than adequate external liquidity buffer equivalent to 7.3 months' worth of imports of goods and payments of services and primary income.
It is also about 5.9 times the country's short-term external debt-based original maturity and 3.9 times based on residual maturity, it added.
Hefty dollar reserves help shield the country from external shocks such as the impact of the COVID-19 pandemic, volatile exchange rate and the aggressive rate hikes by the US Federal Reserve, economic managers have said.