PH forex reserves climb in Sept
MANILA, Philippines - The country's gross international reserves rose in September to $83.029 billion from a revised figure of $82.891 billion in August, data from the Bangko Sentral ng Pilipinas showed.
The level of reserves climbed in September due to foreign exchange operations and investments of the BSP and net foreign currency deposits by the Treasury, the BSP said in a statement.
"These inflows were partially offset by the payments for maturing foreign exchange obligations of the National Government and revaluation adjustments on the BSP's gold holdings," the BSP said.
GIR refers to the country's ability to pay for its imports and service foreign debt.
The BSP said the September GIR level can cover 11.9 months worth of imports of goods and payments of services and income, and is equivalent to 8.7 times the country's short-term external debt based on original maturity and 5.7 times based on residual maturity.
The central bank expects record gross international reserves of $87 billion this year, up slightly from a previous forecast of $86 billion.
The country gets an average of more than $1.7 billion in remittances from overseas Filipinos each month, helping to support the peso, balance of payments and foreign reserves.
The peso is down almost 5 percent this year, but has been spared the sharp falls suffered in recent months by some of its peers in emerging markets, including Indonesia. - With Reuters