Forex reserves hit $80.7B in June-A A +A
Monday, July 7, 2014
THE Philippines' gross international reserves (GIR) surged to $80.7 billion as of end-June, the central bank said Monday.
Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said the June level was higher by $0.5 billion than the end-May GIR of $80.2 billion.
"The GIR remains ample as it can cover 11 months' worth of imports of goods and payments of services and income. It is also equivalent to 7.7 times the country’s short-term external debt based on original maturity and 5.7 times based on residual maturity," he said.
The increase in reserves was due mainly to the revaluation adjustments on the BSP's gold holdings, net foreign currency deposits by the Treasurer of the Philippines (TOP), and income from the BSP's investments abroad, the BSP chief added. (SDR/Sunnex)