Philippines' gross reserves hit $109 billion

ABS-CBN News

Posted at Mar 11 2021 06:09 PM

MANILA - The Philippines' gross international reserves rose to $109.08 billion at the end of February, up by $410 million from January levels, the Bangko Sentral ng Pilipinas said on Thursday. 

The central bank says this represents an adequate external liquidity buffer, which can help cushion the domestic economy against external shocks. 

"This buffer is equivalent to 11.7 months’ worth of imports of goods and payments of services and primary income. Moreover, it is also about 9.5 times the country’s short-term external debt based on original maturity and 5.4 times based on residual maturity," the BSP said.

The Philippines' GIR hit a record high of $110.1 billion in December last year. 

GIR includes the central bank's gold holdings, foreign exchange holdings, and income from investments abroad. 

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