PH dollar reserves rise to an all-time high in November

ABS-CBN News

Posted at Dec 16 2020 11:09 AM

PH dollar reserves rise to an all-time high in November 1
Bangko Sentral ng Pilipinas (BSP) in Manila. April 21, 2014. Jonathan Cellona, ABS-CBN News

MANILA - The Bangko Sentral ng Pilipinas said the country's gross international reserves reached an all-time high in November.

The country's GIR rose to $104.51 billion, up by $710 million from $103.80 billion in October.

The increase was due to the strong foreign exchange operations of the central bank and income from its investments abroad, it said.

This was partially offset however by withdrawals made by the national government to pay off foreign debts and losses from the BSP's gold holdings as prices went down in November.

The BSP said the November GIR "represents an adequate external liquidity buffer" which is equal to 11.2 months’ worth of imports of goods and payments of services and primary income.

This buffer "can help cushion the domestic economy against external shocks," it said.

BSP Governor Benjamin Diokno earlier said the central bank has been actively trading gold, as prices surge the past few months.

He previously noted that gold takes up over 10 percent of the central bank's dollar reserves.

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