• GIR grows to $80.8B in April

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    THE Philippines’ gross international reserves (GIR) rose 1.19 percent to $80.798 billion in April from $954 million a year earlier, reflecting higher net foreign currency deposits of the government and central bank income from investments abroad.

    Compared to the previous month, the country’s dollar reserves rose by 0.42 percent or $313 million from $80.458 billion in March, the Bangko Sentral ng Pilipinas (BSP) said on Thursday.

    “The $0.3 billion increase in reserves was due mainly to the national government’s [NG] net foreign currency deposits and the BSP’s income from investments abroad.

    These were partially offset by the NG’s payments for its maturing foreign exchange obligations and revaluation adjustments on the BSP’s gold holdings,” the central bank said in a statement.

    According to the BSP, the latest GIR level provides a buffer of 10.6 months’ worth of imports of goods and payments of services and income, slightly higher than the 10.5-months import cover in March.

    “It is also equivalent to 4.8 times the country’s short-term external debt based on original maturity and 3.7 times based on residual maturity,” the BSP added.

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