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MANILA, Sept.17 (Xinhua) – The Philippines’ level of gross international reserves (GIR) increased by US $ 350 million to US $ 98.95 billion at the end of August from the end-July level of US $ 98.6 billion. Americans. the central bank has said.
The Bangko Sentral ng Pilipinas (BSP) said on Wednesday that the month-over-month increase in the GIR level reflected inflows primarily from the BSP’s foreign exchange operations and income from its investments abroad.
However, the BSP added that these inflows were partly offset by the withdrawals of foreign currency made by the national government to pay its debt obligations in foreign currency and the revaluation losses of the BSP’s gold holdings as a result of the decrease. of the price of gold in the international market.
The BSP said that the GIR level at the end of August represents a more than adequate external liquidity buffer, which can cushion the national economy against external shocks.
“This cushion is equivalent to nine months of imports of goods and payments for services and primary income. In addition, it is also around 7.6 times the country’s short-term external debt based on original maturity and 4.8 times based on at the residual maturity “. added the BSP.
Similarly, the BSP said that net international reserves (NIR), which refers to the difference between the BSP’s GIR and total short-term liabilities, increased by $ 354 million to $ 98.95 billion at end of August from end of July. level of 98.59 billion US dollars. Final product
