PH forex reserves strengthen in June
The central bank’s gross international reserves (GIR) continued to rise last month, boosted by its gold reserves.
Initial data showed that the country’s total foreign exchange reserves inched up to $85.38 billion.
According to the Bangko Sentral ng Pilipinas, the increase in the GIR level came from revaluation gains for gold holdings, thanks to rising gold prices in the international market.
Other factors that drove the country’s net foreign currency deposits higher were foreign exchange operations and the stream of income from the central bank’s investments abroad.
The higher GIR provides a comfortable import cover at 7.4 months’ worth of payments, or 5.1 times the country’s short-term external debt.