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Philippines GIR climbed to $105 billion in May 2024

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The gross international reserves (GIR) of the Philippines climbed to $105 billion in May 2024 from $102.6 billion in April, the Bangko Sentral ng Pilipinas said Wednesday.

“The latest GIR level represents a more than adequate external liquidity buffer equivalent to 7.7 months’ worth of imports of goods and payments of services and primary income,” the BSP said in a statement.

It was also about 6.1 times the country’s short-term external debt based on original maturity and 3.8 times based on residual maturity.

The GIR tally was released as part of the balance of payments report for May 2024 which showed a surplus of $2 billion, a reversal from the $439-million BOP deficit recorded in May 2023.

“The BOP surplus in May 2024 reflected inflows arising mainly from the national government’s net foreign currency deposits with the Bangko Sentral ng Pilipinas which include proceeds from its issuance of ROP Global Bonds, and net income from the BSP’s investments abroad,” the BSP said.

The BOP surplus in May brought the five-month BOP level to $1.6-billion surplus, lower than the $2.9-billion surplus recorded a year ago.

Based on preliminary data, the cumulative BOP surplus reflected mainly the narrowing trade in goods deficit alongside the continued net inflows from personal remittances, net foreign borrowings by the government, foreign direct investments, foreign portfolio investments and trade in services, the BSP said.


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