Forex reserves dip in February to $83.8B-A A +A
Thursday, March 7, 2013
MANILA -- The Philippines' gross international reserves (GIR) fell to $83.8 billion as of end-February 2013 compared to the previous month, the central bank said Thursday.
Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said that based on preliminary data, the February foreign currency reserves were lower by $1.5 billion than the end-January level of $85.3 billion.
"The decline in the reserves level was due mainly to payments for maturing foreign exchange obligations of the national government (NG) and net foreign currency withdrawals by the Power Sector Assets and Liabilities Management Corporation (PSALM). Revaluation adjustments on the BSP's foreign currency-denominated reserves and gold holdings also contributed to the lower reserves level," he said.
The February reserves remain adequate to cover 12 months worth of imports of goods and payments of services and income, Tetangco said.
It was also equivalent to 10.5 times the country's short-term external debt based on original maturity and 6.6 times based on residual maturity, he added. (SDR/Sunnex)