The country’s gross international reserves increased by $120 million to $85.7 billion as of end-October 2019 from $85.58 billion in September, the Bangko Sentral ng Pilipinas said Thursday.
“The month-on-month increase in the GIR level reflects the government’s foreign currency deposits and BSP’s income from its investments abroad. However, the increase in reserves was tempered by payments made by the government for servicing its foreign exchange obligations,” the BSP said.
“The end-October 2019 level of the GIR provides an ample external liquidity buffer that is equivalent to 7.5 months’ worth of imports of goods and services and payment of primary income. It is also equivalent to 5.5 times the country’s short-term external debt based on original maturity and 4.1 times based on residual maturity,” it said.
Net international reserves, which refers to the difference between the BSP’s GIR and total short-term liabilities, likewise increased by $120 million to $85.69 billion as of end-October 2019 from the end-September 2019 level of $85.57 billion.
Reserves hit a record high of $86.139 billion in September 2016.