Defining the News
The gross international reserves of the Philippines climbed to a 28-month high in July 2024 on higher gold holdings and foreign investments of the Bangko Sentral ng Pilipinas.
“The month-on-month increase in the GIR level reflected mainly the upward valuation adjustments in the BSP gold holdings due to the increase in the price of gold in the international market, net income from the BSP’s investments abroad and the national government’s net foreign currency deposits with the BSP,” the BSP said.
The BSP said that by convention, the GIR is viewed to be adequate if it can finance at least three-months’ worth of the country’s imports of goods and payments of services and primary income. Short-term debt based on residual maturity refers to outstanding external debt with original maturity of one year or less, plus principal payments on medium- and long-term loans of the public and private sectors falling due within the next 12 months.
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