The country’s gross international reserves (GIR) reached a record-high $98 billion at end-July, the Bangko Sentral ng Pilipinas (BSP) announced on Friday. Preliminary data from the central bank showed that the amount was $4.53 billion higher than the $93.47 billion posted in June. “These inflows were partly offset, however, by the foreign currency withdrawals made by the national government to pay its foreign currency debt obligations,” it said. It is also about 7.5 times the country’s short-term external debt based on original maturity and 4.9 times based on residual maturity. Net international reserves, which refers to the difference between the GIR and total short-term liabilities, increased by $4.52 billion to $97.99 billion as of end-July from the end-June level of $93.47 billion.

Source: Manila Times August 15, 2020 16:25 UTC