MANILA - The Philippines' gross international reserves (GIR) reached $107.25 billion as of the end of April, the Bangko Sentral ng Pilipinas said Friday.
The total is $2.77 billion higher compared to $104.48 billion in March, the BSP said in a statement.
The buffer is equivalent to 12.3 months' worth of import of goods and payments of services and primary income, it said.
The month-on-month increase reflected inflows mainly from the proceeds of several of the the National Government's bond issuances which were deposited with the BSP, it said.
An upward adjustment in the value of the BSP's gold holdings due to the increase in the price of gold in the international market also contributed to the higher GIR level, which were partly offset by the outflows from the NG's payment of foreign currency debts, the BSP said.
"The latest GIR level represents a more than adequate external liquidity buffer, which can help cushion the domestic economy against external shocks," the central bank said.
The country's adequate GIR levels as well as its strong macroeconomic fundamentals paved the way for a quick and timely response to the COVID-19 pandemic, BSP Governor Benjamin Diokno earlier said.