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GIR declines to $79.61 billion in April

The country’s hoard of foreign assets and currencies dropped to $79.608 billion as of end-April from the previous month’s $79.645 billion due to government payments of past loans.

Data from the Bangko Sentral ng Pilipinas (BSP) also showed barely-changed foreign investments amounting to $69.98 billion in the same period from $68.99 billion end-March.

ESPENILLA

ESPENILLA

The Philippines’ gold reserves – also part of the gross international reserves (GIR) – totaled $8.012 billion end-April compared to $8 billion at the end of the first quarter.

In a statement, BSP Deputy Governor Nestor A. Espenilla Jr. said the current GIR level remains sufficient enough to cover 11 months worth of imports of goods and payments of services and income.

The reserves level is also equivalent to 6.9 times the country’s short-term external debt based on original maturity amounting to $685.3 million and 5.1 times on residual maturity worth $508.7 million.

The central bank explained that the slight dip in GIR was because of withdrawals from the National Government for the payment of its maturing foreign exchange obligations as well as from the BSP’s foreign exchange operations.

The BSP earlier projected that GIR would end the year higher at $88 billion. Last year, the reserves level hit $83.187 billion, lower than forecast of $87 billion due to revaluations in gold and other foreign assets.