PH gross international reserves at $108.54 billion in March: BSP

ABS-CBN News

Posted at Apr 08 2022 10:27 AM

MANILA - The Philippines' gross international reserves (GIR) level rose to $108.54 billion as of the end of March, higher compared to the $107.8 billion level the previous month, the Bangko Sentral ng Pilipinas said on Friday.

The GIR level in March represents a "more than adequate external liquidity buffer" equivalent to 9.6. months' worth of imports of foods and payments of services and primary income, the BSP said. 

It is also about 7.2 times the country's short-term external debt based on original maturity and 5.4 percent 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, which include proceeds from its issuance of ROP Global Bonds, and the BSP’s net income from its investments abroad," the central bank said. 

BSP Governor Benjamin Diokno earlier said the country's hefty dollar reserve could shield the market from any policy actions of the US Federal Reserve.

The US Fed is expected to implement "aggressive" interest rate hikes this year as inflation soars to new highs.

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