Philippines' gross reserves dip to $108 billion: BSP


Posted at Feb 15 2021 07:37 PM

Philippines' gross reserves dip to $108 billion: BSP 1

MANILA - The Philippines' gross international reserves (GIR) settled at $108.8 billion as of end-January, the Bangko Sentral ng Pilipinas said based on preliminary data. 

This was lower than the end-December level of $110.12 billion. 

The BSP said the latest GIR level is equivalent to around 11.6 months’ worth of imports of goods and payments of services and primary income.

It is also about 9.4 times the country’s short-term external debt based on original maturity and 5.1 times based on residual maturity, the BSP said. 

The central bank said the GIR level declined as the government paid foreign debt, and as the value of the BSP's gold holdings fell with the price of the precious metal in the world market. 

"These outflows were partly offset, however, by the inflows from the BSP’s foreign exchange operations and income from its investments abroad," the BSP said. 

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