Forex reserves hit $80-B in August-A A +A
Friday, September 7, 2012
MANILA -- The Philippines' gross international reserves (GIR) has breached the US$80-billion mark as of end-August, the central bank said on Friday.
Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said that the country's foreign reserves rose by $1 billion to $80.8 billion in August from $79.8 billion last month.
"The significant rise in the end-August 2012 GIR level was due mainly to the foreign exchange operations and income from investments abroad of the BSP, foreign currency deposits by the Treasurer of the Philippines, as well as revaluation gains on the BSP's gold holdings, reflecting the increase in the price of gold in the international market," he said.
Tetangco said that the latest GIR level could adequately cover 11.9 months worth of imports of goods and payments of services and income.
It is also equivalent to 10.9 times the country's short-term external debt based on original maturity and 6.6 times based on residual maturity, he added. (SDR/Sunnex)