PH dollar reserves dip to $83.5-B end-Feb

MANILA, Philippines – Debt payments in February reduced the country’s Gross International Reserves (GIR) by US$1.5 billion to $83.5 billion.

In a statement released on Thursday, March 7, the Bangko Sentral ng Pilipinas (BSP) said the country’s GIR by end-February was lower from January’s $85.3 billion. 

“The decline in the reserves level was due mainly to payments for maturing foreign exchange obligations to the National Government and net foreign currency withdrawals by the Power Sector Assets and Liabilities Management Corporation (PSALM),” BSP Governor Amando Tetangco Jr. said.

At this level, the BSP said the GIR can still cover 12 months-worth of imports of goods and payments for services and incomes as well as equivalent to 10.5 times the country’s short-term external debt.

The BSP added that the country’s Net International Reserves (NIR) also decreased by $1.5 billion to $83.8 billion as of the end of February from $85.3 billion in January.

The Central Bank clarified that the NIR simply refers to the difference between the GIR and the total short-term liabilities. – Rappler.com