Philippine gross reserves slightly up in May

MANILA, July 13 ------ The country's gross international reserves inched up to $105.5 billion in May from $105.3 billion in April.

The BSP said this is equivalent to 7.3 months’ worth of imports of goods and payments of services and primary income, the central bank said. It was also about 3.7 times the country’s short-term external debt based on residual maturity. The central bank said the increase reflected the upward valuation adjustments in the Bangko Sentral ng Pilipinas’ (BSP) gold holdings because of the increase in the price of gold in the international market.

It also reflects the net income from the BSP’s investments abroad, and national government’s net foreign currency deposits with the BSP. GIR refers to the country's reserves of US dollars and other foreign currencies that can be used for trade and settling obligations, as well as its reserves of precious metals, including gold.

Source: news.abs-cbn.com