Dollar reserves hit $84.2B in 2012-A A +A
Monday, January 7, 2013
THE Philippines' gross international reserves (GIR) surged to $84.2 billion as of end-December last year, the central bank said Monday.
Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said the December foreign reserves were $8.9 billion or 11.8 percent higher than the end-December 2011 level of $75.3 billion and by $0.3 billion higher relative to the end-November 2012 level.
"The appreciable year-on-year build-up in the reserves level was due mainly to inflows from the foreign exchange operations and investment income of the BSP, deposits by the National Government (NG) and the Power Sector Assets and Liabilities Management (Psalm) Corporation of proceeds from their bond issuances and other foreign borrowings," he said.
The end-December 2012 GIR level can cover 12.1 months worth of imports of goods and payments of services and income. It was also equivalent to 10.5 times the country’s short-term external debt based on original maturity and 5.8 times based on residual maturity. (SDR/Sunnex)