PH forex reserves up 2% at $82.9-B in July

Cherrie Regalado

This is AI generated summarization, which may have errors. For context, always refer to the full article.

Growth comes mainly from the steady inflow of investments and foreign funds

MANILA,Philippines – The country’s foreign exchange or gross international reserves (GIR) inched up 2% to $82.9 billion in July from $81.3 billion in June, according to data from the the Bangko Sentral ng Pilipinas (BSP).

GIR is an indicator of the country’s ability to pay for imports and debts in foreign currencies.

In a statement released on Wednesday, August 7, BSP governor Amando Tetangco Jr. attributed the increase to the steady inflow of investments and foreign funds, revaluation gains on BSP’s gold holdings, and income from government’s foreign currency deposits.

“These inflows were partially offset by the payments for maturing foreign exchange obligations of the national government,” Tetangco said.

According to the central bank, July’s forex reserves could cover 12 months worth of imports of goods and payments of services.

It was also 8.5 times the country’s short-term external debt. – Rappler.com


Add a comment

Sort by

There are no comments yet. Add your comment to start the conversation.

Summarize this article with AI

How does this make you feel?

Loading
Download the Rappler App!