PH foreign reserves reach $84B in November
MANILA, Philippines – The Philippines' Gross International Reserves (GIR), or the total foreign transaction flowing into the Philippines, reached US$84 billion as of end-November – $400 million more than the figure in October.
In a statement on Friday, December 6, the Bangko Sentral ng Pilipinas (BSP) said that the central banks’s foreign exchange operations and income from various investments were the main contributors to the higher GIR for the month.
Foreign currency deposits made by the National Treasurer contributed to the higher GIR as well.
These inflows, however, were partially offset by the government’s payments for maturing foreign loans, and the central bank’s losses from its gold holdings.
The BSP said the GIR can cover 12 months worth of imports of goods and payments of services and income.
This GIR level is also equivalent to 9 times the Philippines' short-term external debt, based on their original maturities.
A healthy reserve level allows a government to stabilize exchange rates, and is an important indicator of a country’s ability to repay its foreign obligations. - Rappler.com