July forex reserves inch up from June

Posted at 08/07/14 3:28 PM

MANILA, Philippines - Gross international reserves slightly increased to $80.95 billion in July from $80.73 billion in June, data from the Bangko Sentral ng Pilipinas showed.

This was the fourth straight month of increase for the foreign reserves level.

"The increase in reserves was due mainly to the net foreign currency deposits by the Treasurer of the Philippines which included proceeds of project and program loans from multilateral and bilateral institutions," the BSP said.

The inflows were also from the central bank's foreign exchange operations and its investments abroad.

However, the BSP said the inflows were partly offset by payments made by the National Government for maturing foreign exchange loans, as well as revaluation adjustments on the BSP's gold holdings.

The GIR shows a country's ability to pay for its foreign debt, and imports of goods and services.

The BSP has already lowered its estimate for 2014 foreign reserves to $85.3 billion from $88 billion.

As of end-2013, foreign reserves reached $83.2 billion.