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Philippine gross int'l reserves down to 81 bln USD in December

Xinhua, January 6, 2017 Adjust font size:

The Philippine gross international reserves (GIR) declined to 81.05 billion U.S. dollars in December compared to the level a month ago, the local central bank said Friday.

Citing the preliminary data, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said the end-December GIR level was 0.40 billion dollars lower than the November GIR of 81.45 billion dollars, but higher by 0.38 billion dollars compared to a year ago figure of 80.67 billion dollars.

"The decline in the GIR from November to December was due mainly to outflows arising from payments made by the national government for its maturing foreign exchange obligations, foreign exchange operations of the BSP, and revaluation adjustments on the BSP's gold holdings resulting from the decrease in the price of gold in the international market," he said.

These were partially offset by the national government's net foreign currency deposits along with the central bank's income from investments abroad.

Tetangco said the December GIR level remains adequate and is able to cover 9.2 months' worth of imports of goods and payments of services and primary income. It is also equivalent to 5.8 times the country's short-term external debt based on original maturity and 4.2 times based on residual maturity. Endit