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By Maricel E. Burgonio, Reporter
THE country’s dollar reserves grew at a slower
pace last month on risk aversion with capital inflows ebbing, the
Bangko Sentral ng Pilipinas (BSP) said Friday.
In a statement, the BSP said the country’s
gross international reserves (GIR) inched up to $36.5 billion at
end-March from $36.287 billion the month before.
BSP Deputy Gov. Armando Suratos said the current
GIR level could adequately pay for 6.2 months of goods imports and
services. It would also allow the country to pay 5.2 times over its
short-term foreign debt based on original maturity, and 3.2 times
over its short-term external liabilities based on residual maturity.
Residual maturity includes that part of
long-term liabilities that would fall due in one year.
Excluding the country’s short-term
liabilities, its net international reserves increased to $36.5
billion last month from $36.3 billion in February this year.
“The inflows were partly offset by
payments of maturing foreign exchange obligations of the national
government and the BSP,” Suratos said.
Total maturing obligations of the national
government and BSP reached $1.67 billion in the first quarter. The
national government’s share reached $1.43 billion, higher than the
BSP’s $24 million.
Iluminada Sicat, director of the BSP-Department
of Economic Statistics, said the remittance inflows remain a stable
source of foreign exchange inflows.
“The slight increase of GIR was due to
heightened risk aversion as some investors stayed on the sidelines.
The government is also not borrowing much from the [foreign
exchange] market,” she said.
The government has shifted the weight of this
year’s borrowing program to domestic sources as it wants to slow
down the peso’s rapid appreciation and help prevent an erosion in
the earnings of overseas Filipino workers and exporters.
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