The country’s gross international reserves rose to a seven-month high of $82.07 billion in May on higher Bangko Sentral’s investment income and gold prices.
Data from Bangko Sentral showed the May reserves increased slightly from $82.015 billion in April and were the highest level of reserves since they reached $85.105 billion in October 2016.
“This level could adequately cover 9.1 months worth of imports of goods and payments of services and primary income. It is also equivalent to 5.3 times the country’s short-term external debt based on original maturity and 3.7 times based on residual maturity,” Bangko Sentral Governor Amando Tetangco Jr. said.
“However, these were partially offset by the BSP’s foreign exchange operations and payments made by the national government for its maturing foreign exchange obligations,” he said.
The value of Bangko Sentral’s gold holdings as of end-May increased to $8.001 billion from $7.933 billion a month ago, driven by the increase in the price of the precious metal in the world market.