SUMMARY
This is AI generated summarization, which may have errors. For context, always refer to the full article.
MANILA, Philippines – The Philippines’ foreign exchange or gross international reserves (GIR) slightly increased to $84.1 billion in March from $83.6 billion in February, according to data from the Bangko Sentral ng Pilipinas (BSP).
In a statement released on Friday, April 5, BSP governor Amando Tetangco Jr attributed the increase to the central bank’s steady inflow of investments and foreign funds, revaluation gains on gold holdings, and the national government’s foreign currency deposits.
These pushed the country’s net international reserves (NIR), the difference between the GIR and BSP’s total short-term liabilities, to about $0.5 billion.
“These inflows were partly offset, however, by foreign exchange outflows such as payments for maturing foreign exchange obligation by the (government) and foreign currency withdrawals by the Power Assets and Liabilities Management Corporation (PSALM),” Tetangco said.
The level of international reserves in March, according to BSP, can adequately cover 11.9 months-worth of imports of goods and payments of services and income.
It is also equivalent to around 9.9 times the country’s short-term external debt.
GIR is an indicator of the country’s ability to pay for imports and debts in foreign currencies. – Rappler.com
Add a comment
How does this make you feel?
There are no comments yet. Add your comment to start the conversation.