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