• GIR widens to $80.58B in May

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    THE Philippines’ gross international reserves (GIR) rose by 0.76 percent to $80.858 billion in May from $80.242 billion a year earlier on the back of the central bank’s foreign exchange operations, revaluation adjustments on gold holdings and income from investments abroad.

    Month-on-month, the foreign reserves rose by 0.01 percent or $8 million from $80.850 billion in April, the Bangko Sentral ng Pilipinas (BSP) said on Friday.

    “The increase in reserves was due mainly to the BSP’s foreign exchange operations, revaluation adjustments on its gold holdings and income from its investments abroad,” the BSP said.

    These were partially offset by the national government’s net foreign currency withdrawals and payments for its maturing foreign exchange obligations as well as revaluation adjustments on the BSP’s foreign currency denominated reserves.

    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 4.9 times the country’s short-term external debt based on original maturity and 3.8 times based on residual maturity,” the BSP added.

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