Forex reserves down slightly in July

ABS-CBN News

Posted at Aug 06 2010 03:16 PM | Updated as of Aug 07 2010 12:37 AM

MANILA, Philippines - The country's gross international reserves (GIR) fell slightly to $48.603 billion in July from a record $48.704 in June, data from the Bangko Sentral ng Pilipinas (BSP) showed.

The current GIR level could cover 9 months of imports of goods and payments of services and income. It is also equivalent to 9.3 times the country’s short-term external debt based on original maturity, and 5.1 times based on residual maturity.

The BSP has raised its forecast for year-end GIR to $50 billion.

The country's forex reserves rank among the lowest in the region, outpacing only Pakistan and Bangladesh.

Inflows of remittances from overseas Filipinos help boost foreign exchange reserves. The central bank expects remittances to climb 8% in 2010, faster than a previous forecast of 6% growth, with more Filipinos taking up jobs overseas. With Reuters