March 6, 2009

Foreign reserves up on higher gold prices, govt loans

The recent climb of gold and the national government’s dollar loan proceeds increased the Philippines’ foreign exchange reserves last month, the Bangko Sentral ng Pilipinas (BSP) said.

The Bangko Sentral recently reported through their website that the Philippines gross international reserves (GIR) went up by 0.26 percent to $39.3 billion as of end- February from $39.2 billion the previous month.

The current dollar reserves are enough to to cover 5.9 months of imports of goods and payments of services and income.

The increase was the result of the national government’s deposits of loan proceeds from the World Bank and the Asian Development Bank and higher prices of BSP gold holdings, BSP Governor Amando M. Tetangco said.

Inflows from the BSP’s net foreign exchange operations aside from revaluation gains in the gold holdings on higher gold prices in the international market in February helped beef up GIR.

"These inflows were partly offset by payments of maturing foreign exchange obligations of the NG and the BSP," Tetangco added.

Net international reserves (NIR) – which is the difference between the BSP’s GIR and total short-term liabilities – is up by 1.59 percent month-on-month to $38.3 billion from $37.7 billion. NIR includes revaluation of reserve assets and reserve-related liabilities.

0 make comments on this post:

Post a Comment

© Copyright 2008 - 2013