The Bangko Sentral ng Pilipinas is poised to meet the $81.6-billion target on gross international reserves this year after reaching $81.142 billion at the end of October from $80.55 billion a month ago.
The Bangko Sentral attributed the increase in the GIR mainly to its income from
investments abroad and revaluation adjustments in gold holdings.
The international reserves in 2014 stood at $79.540 billion, lower than $83.187 billion in 2013.
Bangko Sentral Governor Amando Tetangco Jr. said Friday these were partially offset by the national government’s payments for maturing foreign exchange obligations.
“The end-October GIR level remains ample as it can cover 10.4 months’ worth of imports of goods and payments of services and income,” Tetangco said in a statement.
“It is also equivalent to 6.1 times the country’s short-term external debt based on original maturity and 4.4 times based on residual maturity,” Tetangco said.
Data showed the value of the Bangko Sentral’s gold holdings as of end-October increased to $7.178 billion from $7.014 billion a month ago.