MANILA – The Philippines foreign reserves reached USD 82.07 billion in May, its highest level to date, preliminary data released by the Bangko Sentral ng Pilipinas (BSP) showed Thursday.
Central bank data show that the latest gross international reserves (GIR) level is higher than April’s USD82.02 billion but lower than the USD82.93 billion in May 2016.
It is higher than the USD80.69 billion foreign currency reserves of the country as of end-2016.
BSP Governor Amando M. Tetangco Jr. traced the jump of the country’s foreign currency reserves to the deposits of the national government (NG) with the central bank as well as gains from the central bank’s investments overseas and the revaluation of the BSP’s gold holdings after prices of this commodity rose in the international market.
He, however, said that central bank’s foreign exchange operations and NG’s payment of its maturing foreign currency-denominated debt countered the rise of the GIR.
Amid these offsetting factors, the central bank chief said the latest foreign currency reserves of the country was enough to cover 9.1 months’ worth of imports of goods and payments of services and primary income.
During the same period, the BSP’s net international reserves rose to USD82.05 billion from month-ago’s USD82 billion.
BSP defines NIR as the difference between the GIR and the central bank’s total short term liabilities Joann Santiago/PNA