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Philippine dollar reserves hit a record-high in September to reflect the net foreign currency deposits and the higher valuation of the Bangko Sentral ng Pilipinas’ gold holdings, along with the central bank’s net income from overseas investments.Preliminary data released by the BSP on Monday showed that the GIR — a measure of the ability to settle import payments and service foreign debt — stood at $111.981 billion as of end-September.This compares with the $107.
It also cited upward valuation adjustments in its gold holdings due to the increase in gold prices in the international market, and the net income from investments abroad.“The latest GIR level represents a more than adequate external liquidity buffer equivalent to 8.1 months’ worth of imports of goods and payments of services and primary income,” the BSP said in an accompanying statement.This is also 6.3 times the country’s short-term external debt based on original maturity and 4.
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