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Philippine foreign reserves up to 83.47 bln dollars in April

Xinhua, May 6, 2016 Adjust font size:

The Philippine gross international reserves (GIR) surged to 83.47 billion U.S. dollars in April, the local central bank said Friday.

The GIR level in April was higher by 0.49 billion U.S. dollars than the March figures of 82.98 billion U.S. dollars, the Bangko Sentral ng Pilipinas (BSP) said.

The increase was mainly due to the revaluation gains on the BSPs gold holdings resulting from the increase in the price of gold in the international market, net foreign currency deposits by the National Government, as well as the BSPs income from investments abroad.

These were partially offset by payments made by the government for its maturing foreign exchange obligations.

The central bank said the April GIR level can cover 10.4 months worth of imports of goods and payments of services and income.

It is also equivalent to 5.5 times the countrys short-term external debt based on original maturity and 4.1 times based on residual maturity, the agency added. Endit