The Philippines gross international reserves (GIR) hit a record $104.82 billion in November, the Bangko Sentral ng Pilipinas said on Monday.
The BSP also said the country’s overall balance of payments (BOP) position posted a surplus of $1.47 billion in November 2020, bringing the year-to-date surplus position to $11.79 billion.
“The BOP surplus in November 2020 reflected inflows mainly from the BSP’s foreign exchange operations and income from its investments abroad. These inflows were partly offset, however, by the foreign currency withdrawals the National Government (NG) made to pay its foreign currency debt obligations,” the central bank said.
The BSP noted that the 11-month cumulative BOP surplus of $11.79 billion was higher than the $6.27 billion surplus recorded for the same period a year ago.
“Based on preliminary data, the current BOP surplus was supported mainly by higher net foreign borrowings by the NG and lower merchandise trade deficit along with sustained net inflows from personal remittances, foreign direct investments, and trade in services.”
The BSP said the Philippines’ reserves equal 11.2 months’ worth of imports of goods and payments of services and primary income. (ABS-CBN News)
