Philippines' gross international reserves reach 'all time high' in June

ABS-CBN News

Posted at Jul 15 2020 02:24 PM

Bangko Sentral ng Pilipinas (BSP) in Manila. April 21, 2014. Jonathan Cellona, ABS-CBN News.

MANILA - The Bangko Sentral ng Pilipinas said Wednesday the country's gross international reserves rose to an "all time high" in June.

The GIR reached $93.32 billion in end-June, up by $30.5 million from May's $93.29 billion with inflows from the government's foreign currency deposits with the BSP, the central bank said in a statement.

"The end-June 2020 GIR level represents an ample external liquidity buffer, which is equivalent to 8.4 months’ worth of imports of goods and payments of services and primary income," the BSP said.

BSP Gov. Benjamin Diokno earlier said the Peso is one of the strongest currencies in the region and the country has a "hefty" gross international reserves expected to reach $95 billion by the end of the year.