The country’s gross international reserves rose to a 20-month high of $82.13 billion at the end of January from $79.19 billion in December on the back of the Bangko Sentral ng Pilipinas’ income from investments abroad.
The end-January reserves were the highest since the $82.17 billion in May 2017.
The central bank said in a statement other reasons for the spike in reserves were the net foreign currency deposits by the national government, foreign exchange operations and revaluation gains of gold holdings resulting from the increase in the price of the precious metal in the world market.
Data showed the gold holdings in January 2019 increased to $8.407 billion from $8.153 billion.
The increase in reserves was partially tempered by payments made by the national government for servicing its foreign obligations.
“The end-January 2019 level of GIR continues to serve as an ample external liquidity buffer and is equivalent to 7.2 months’ worth of imports of goods and payments of services and primary income,” the Bangko Sentral said.