Off the wire
• China Focus: Giant digital billboards light up landscape during G20 Hangzhou summit  • Xinhua China-related world news summary at 0930 GMT, Sept. 7  • Lavrov, Kerry may meet on Syria shortly  • Commentary: China-ASEAN relations entering "period of maturity"  • France trade deficit rises to 4.5 bln euros in July on soaring oil costs  • Top news items in major S. African media outlets  • China to hold biennial air show  • FA supports Dutchman Michael van Praag to become UEFA chief  • China's forex reserves decline in August  • 1st Ld: Malaysia confirms first case of pregnant woman infected with Zika  
You are here: 　 Home

Philippines' foreign reserves hit all-time high of 85.9 bln USD in August

Xinhua, September 7, 2016 Adjust font size:

The Philippines posted a record high gross international reserves (GIR) in August when it soared to 85.895 billion U.S. dollars, the local central bank said Wednesday.

The August preliminary GIR level rose 0.39 billion U.S. dollars from the July level of 85.51 billion U.S. dollars.

Central bank governor Amando Tetangco Jr. said the increase on the GIR was mainly due to the national government's (NG) net foreign currency deposits and the Bangko Sentral ng Pilipinas' foreign exchange operations and income from investments abroad.

"These were partially offset by payments made by the NG for its maturing foreign exchange obligations and revaluation adjustments on the BSP's gold holdings resulting from the decrease in the price of gold in the international market," he said.

The August GIR leval can cover 10.5 months' worth of imports of foods and payments of services and income, he said.

It is also equivalent to 6.0 times the country's short-term external debt based on original maturity and 4.3 times based on residual maturity, the official added. Endit