Forex reserves hit $84.1B
MANILA, Philippines - The country’s gross international reserves (GIR) went up to $84.1 billion in March from $83.623 billion in February, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.
The central bank expects GIR to hit $86 billion this year, although that outlook is up for revision this month.
Reserves are now good to cover 11.91 months worth of imports of goods and services. They are also equivalent to 9.9 times the country’s short-term foreign debt based on original maturity, and 6.3 times based on residual maturity.
BSP Governor Amando Tetangco Jr., attributed the increase in reserves to “inflows from foreign exchange operations and investment income of the BSP.” Foreign deposits by the government also contributed to the increase.
Likewise, a revaluation of gold holdings also led to the higher GIR as prices of gold increase in the world market.
According to the data, foreign exchange holdings – which included major currencies such as the dollar, euro and the Japanese yen – posted the highest monthly increase of 5.16 percent to $915.10 million.
These benefitted to the BSP’s “foreign exchange operations” or the purchase of dollars in the market to temper the peso’s appreciation. The peso, one of Asia’s best performers, strengthened by 0.6 percent versus the greenback in the first quarter.
Gold reserves rose 1.16 percent to $9.9 billion from $9.787 billion in March a month ago. Foreign investments – where the bulk of the GIR is placed – likewise inched up 0.46 percent to $71.491 billion.
“These inflows were partly offset, however, by foreign exchange outflows such as payments for maturing foreign exchange obligations by the NG,” Tetangco said.
On the flipside, funds invested with the International Monetary Fund (IMF) – used either to finance the Fund’s operations that included assisting debt-ridden countries – dipped 1.7 percent to $523.91 million.
Those still in the form of special drawing rights – the IMF’s currency – which are yet to be tapped kept steady at $1.269 billion.
Net international reserves – GIR minus short-term liabilities – similarly increased to $84.1 billion last month.
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