The country’s foreign exchange reserves increased to $46.16 billion at the end of the first quarter, the Bangko Sentral ng Pilipinas (BSP) reported Wednesday.

A huge portion of gross international reserves (GIR) are foreign investments which amounted to $38.32 billion as of end-March, lower than what was recorded in February by $300 million.

However data also show that BSP’s foreign exchange gains totaled $638.78 million for the said month, from $306.45 million in February and recovering what it lost during the period.

GIR also includes BSP’s gold reserves which increased to $5.95 billion in March.

BSP said net international reserves – this includes reserve-related liabilities – amounted to $46.2 billion.
Including foreign exchange forward positions, BSP’s total dollar stock was $58.15 billion.

The latest foreign exchange swaps amounted to $11.98 billion and about $5.33 billion will mature this month.