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THE country’s dollar reserves posted another
all-time record during the first eight months of the year, according
to the Bangko Sentral ng Pilipinas (BSP).
In a statement, BSP Gov. Amando
M. Tetangco Jr., said gross international reserves (GIR) at
end-August reached $30.3 billion, exceeding the central bank’s
full-year forecast.
The BSP recently revised its GIR
forecast to $30 billion this year from the original estimate of
$26.6 billion.
“Sustained foreign exchange
inflows enabled the BSP to build up its reserves level while at the
same time service its debt and those of the national government,”
Tetangco said.
The receipts from investments
abroad also contributed to the increase in reserves.
The remittances from overseas
Filipino workers, investments and exports contributed to the
increase of reserves
At its present level, the
country’s reserves can pay for 5.6 months of imports of goods and
payments of services and income. With the current reserves, the
country can also afford to pay down its short-term debt 5.8 times
based on original maturity and 3.2 times based on residual maturity,
which refers to short-term obligations and the current portion of
long-term debt.
Excluding short-term liabilities,
reserves stood at $30.3 billion from the end-July level of $28
billion.
--Maricel E. Burgonio
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