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THE country’s dollar reserves hit an all-time high at
end-February, according to the Bangko Sentral ng Pilipinas (BSP),
citing the national government’s deposit of proceeds from a fresh
borrowing last January.
In a statement, the BSP said the country’s
gross international reserves (GIR) reached a record $36.1 billion,
exceeding by $1.3 billion the end-January’s $34.8 billion.
For this year, the BSP projects the GIR to reach
$35 to $37 billion.
Excluding short-term liabilities, the
country’s net international reserves rose to $36.1 billion from
$34.8 billion last January.
Aside from the borrowing proceeds, the increase
in reserves was attributed as well to the central bank’s foreign
exchange operations and income from its investments abroad.
These inflows were partly offset, however, by
payments of maturing foreign exchange obligations of the national
government and the BSP.
The current GIR level could pay for 6.3 months
of imports of goods and services and income, the BSP said. The
country’s dollar inventory likewise would allow paying 5.2 times
over its short-term external debt based on original maturity, and
3.3 times over the same obligations based on residual maturity, or
including the current portions of long-term debt.
Strong dollar inflows have been responsible for
the rapid appreciation of the peso.
At the Philippine Dealing System, the local
currency however ended at 40.85 against the dollar Friday, dropping
from Thursday’s 40.56 finish. Trading volume reached $676.83
million, up from the previous session’s $500.45 million.
A trader said risk aversion explained the
peso’s fall, amid credit market jitters and fears of a US economic
recession.
-- Chino S. Leyco
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