BSP reports higher gross international eserves for July

As of the end of July, the Philippines' gross international reserves (GIR) rose to USD 105.65 billion, up from USD 105.19 billion the previous month, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP).

The BSP attributed the rise in reserves primarily to higher valuations of gold holdings due to recent increases in global gold prices, along with net income from the BSP’s overseas investments and additional foreign currency deposits made by the national government.

Additionally, net international reserves, which measure the difference between the BSP's reserve assets and its reserve liabilities, climbed to USD 105.62 billion by the end of July, compared to USD 105.16 billion at the end of June.

The BSP noted that the current GIR level provides a robust external liquidity buffer, covering 7.8 months of imports and payments for goods, services, and primary income. Furthermore, the reserves amount to approximately 6.1 times the country’s short-term external debt based on original maturity and 3.8 times based on residual maturity.