The Philippines' gross international reserves (GIR) level rose to $105.65 billion as of end-July 2024 from the end-June 2024 level of $105.19 billion, the Bangko Sentral ng Pilipinas (BSP) said, citing preliminary data.
According to the BSP, the latest GIR level represents a more than adequate external liquidity buffer equivalent to 7.8 months' worth of imports of goods, payments of services, and primary income. Moreover, it is also about 6.1 times the country's short-term external debt based on original maturity and 3.8 times on residual maturity.
"The month-on-month increase in the GIR level reflected mainly the upward valuation adjustments in the BSP gold holdings due to the increase in the price of gold in the international market, net income from the BSP's investments abroad, and the National Government's (NG) net foreign currency deposits with the BSP," the Bank said in a statement.
Similarly, the net international reserves, which refer to the difference between the BSP's reserve assets (GIR) and reserve liabilities (short-term foreign debt and credit and loans from the International Monetary Fund (IMF)), increased by $0.46 billion to $105.62 billion as of July 2024 from the June 2024 level of $105.16 billion.
Comments