THE country’s gross international reserves (GIR) level rose to $100.2 billion as of the end of March, the Bangko Sentral ng Pilipinas (BSP) said on Wednesday.
The latest GIR level represents more than adequate external liquidity buffer equivalent to 7.5 months’ worth of imports of goods and payments of services and primary income, the central bank said.
It is also about six times the country’s short-term external debt based on original maturity and 4.2 times based on residual maturity, it added.
“The month-on-month increase in the GIR level reflected mainly the National Government’s net foreign currency deposits with the BSP, the upward revaluation of the BSP’s gold holdings due to the increase in the price of gold in the international market, and net income from the BSP’s investments abroad,” it said. (ABS-CBN News)
