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A store clerk counts their US dollar bills inside a money changer stall in Manila on September 23, 2022. The Philippine peso fell to a new record low for the fourth straight day today, closing at P58.50 against the US dollar. George Calvelo, ABS-CBN News
MANILA - The country's gross international reserves (GIR) level rose to $100.2 billion as of the end of March, the Bangko Sentral ng Pilipinas said on Wednesday.
The latest GIR level represents more than adequate external liquidity buffer equivalent to 7.5 months' worth of imports of goods and payments of services and primary income, the central bank said.
It is also about 6 times the country's short-term external debt based on original maturity and 4.2 times based on residual maturity, it added.
"The month-on-month increase in the GIR level reflected mainly the National Government’s (NG) net foreign currency deposits with the BSP, the upward revaluation of 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," it said.
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