Forex reserves surge to $85.8B
-A A +AThursday, February 7, 2013
MANILA -- The Philippines' gross international reserves (GIR) rose to US$85.8 billion as of end-January this year, the central bank said Thursday.
The January foreign currency reserves were higher by US$2 billion than the end-December 2012 GIR of US$83.8 billion, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said.
"Inflows from the BSP's foreign exchange operations and income from investments abroad as well as foreign currency deposits by the National Government (NG) contributed to the appreciable increase in the end-January 2013 GIR level," he said.
The end-January 2013 GIR level can cover 12.3 months worth of imports of goods and payments of services and income. It was also equivalent to 10.7 times the country's short-term external debt based on original maturity and 5.8 times based on residual maturity. (SDR/Sunnex)
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