FALLING gold prices, debt payment and other government expenses, and foreign exchange operations by the Bangko Sentral ng Pilipinas (BSP) dragged the country's gross international reserves (GIR) to a three-month low of $106.08 billion at the end of June. The amount at the end of June was the least since it was $104.48 billion at the end of March this year. The difference between GIR and total short-term liabilities, known as net international reserves, declined to $106.08 billion at the end of June, down from $107.23 billion the previous month. The Bangko Sentral expects these reserves to increase to $115 billion this year. With current and financial account inflows providing support, this translates to 11.9 months of import cover.

Source: Manila Times July 13, 2021 17:15 UTC