MANILA - The Philippines' gross international reserves (GIR) level rose to $108.5 billion in August from $107.15 billion the previous month, the Bangko Sentral ng Pilipinas said on Monday.
The GIR level represents a more than adequate external liquidity buffer equivalent to 12. 3 months' worth of imports of goods and payments of services and primary income, the BSP said in a statement.
It is also 7.8 times the country's short-term external debt based on original maturity and 5.4 times based on residual maturity, it added.
The increase in reserves was mainly due to the additional allocation of Special Drawing Rights (SDR) to the Philippines.
However, it was partly offset by the government's foreign currency withdrawals from its deposits with the BSP and as the government settled foreign currency debt obligations as well payment for other expenditures and BSP's net foreign exchange operations, it said.
The country's GIR level is part of the country's strong macroeconomic fundamentals that helped the government act swiftly to address the COVID-19 pandemic, economic managers have said.
The economy could grow 4 to 5 percent this year based on government estimates, even lower than the revised range of 6 to 7 percent due to the recent surge in COVID-19 cases and the emergence of the more virulent Delta variant.