PH dollar reserves reach $106.9 billion by end-august

The Philippines' gross international reserves (GIR) stood at $106.924 billion at the end of August 2024, slightly up from July's $106.737 billion, according to data from the Bangko Sentral ng Pilipinas (BSP).

This marks a significant increase compared to the same period in 2023, when reserves were $99.567 billion.

The BSP highlighted that the current GIR provides more than adequate external liquidity, covering 7.9 months of imports and payments for services, as well as 6.1 times the country's short-term external debt based on original maturity.

The rise in reserves was mainly due to net income from BSP’s foreign investments.

The central bank's assets include $91.409 billion in foreign investments, $10.221 billion in gold reserves, and $773.4 million in foreign exchange holdings.

The BSP expects GIR to remain stable, with forecasts of $104 billion for 2024 and $105 billion for 2025. The highest-ever recorded GIR for the country was $108.794 billion in 2021.