THE Philippines’ gross international reserves (GIR) rose slightly to $80.76 billion in June from $80.73 billion a year ago and from $80.4 billion in May, the central bank said on Tuesday.
In a statement, the Bangko Sentral ng Pilipinas (BSP) said the increase in reserves was due mainly to the net foreign currency deposits of the national government and the central bank’s foreign exchange operations, income from investments abroad, and revaluation adjustments on its foreign currency denominated reserves.
Month-on-month, international reserves rose 0.44 percent or by $4 million, the BSP said.
The increase in GIR was partially offset by the national government’s payments for its maturing foreign exchange obligations and revaluation adjustments on the BSP’s gold holdings.
According to the central bank, the latest GIR level provides a buffer equivalent to 10.6 months of merchandise imports and payments of services and income.
“It is also equivalent to 6.2 times the country’s short-term external debt based on original maturity and 4.5 times based on residual maturity,” the BSP added.
The central bank forecasts the country’s international reserves to reach $81.6 billion by end-2015.