• Int’l reserves hit record $85.4B

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    THE country’s gross internal reserves (GIR) increase to a record $85.49 billion in July, helped by higher inflows from central bank’s foreign exchange operations and its income abroad, higher prices of gold and net foreign currency deposits by the national government.

    Data from the Bangko Sentral ng Pilipinas (BSP) released Friday indicated that GIR rose 2.65 percent from $85.28 billion in June.

    Year-on-year, GIR was 6.4 percent higher than the $80.33 billion recorded in July 2015.

    The BSP said the increase was “due mainly to the BSP’s foreign exchange operations, revaluation adjustments on the BSP’s gold holdings resulting from the increase in the price of gold in the international market, and its income from investments abroad, as well as net foreign currency deposits by the national government.”

    These were partially offset by payments made by the national government for its maturing foreign exchange obligations,” it said.

    The latest GIR level is enough to cover 10.5 months of merchandise imports and payments of services and income, higher than 10.4 percent imports cover in June, it added. It was also higher than the 10 months’ import cover recorded a year earlier.

    The end-July dollar reserves are also equivalent to 6 times the country’s short-term external debt based on original maturity and 4.3 times based on residual maturity, the BSP said.

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