The Philippines opened 2023 with almost a hundred billion dollars in foreign currency reserves — enough to cover the country’s import requirements for over half-a-year — as the national government increased its foreign currency deposits with the central bank resulting from its fund raising efforts in the offshore debt market, data from the Bangko Sentral ng Pilipinas (BSP) showed.
The Philippines opened 2023 with almost a hundred billion dollars in foreign currency reserves — enough to cover the country’s import requirements for over half-a-year — as the national government increased its foreign currency deposits with the central bank resulting from its fund raising efforts in the offshore debt market, data from the Bangko Sentral ng Pilipinas showed.
“The month-on-month increase in the GIR level reflected mainly the national government’s net foreign currency deposits with the BSP, which include proceeds from its issuance of ROP Global Bonds…,” the BSP said.or about P164 billion from its sale of triple-tranche dollar-denominated bonds, marking its second fund raising effort in the offshore debt market.
“The latest GIR level represents a more than adequate external liquidity buffer equivalent to 7.5 months’ worth of imports of goods and payments of services and primary income,” the BSP said.
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