The country’s gross international reserves rose by $250 million in July to $85.18 billion from $84.93 billion in June, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Thursday.
“The month-on-month increase in the GIR level was due mainly to inflows arising from the BSP’s foreign exchange operations and income from its investments abroad as well as the national government’s net foreign currency deposits,” Diokno said in a statement.
Diokno said the increase in reserves was tempered by payments made by the government for servicing its foreign exchange obligations.
“The end-July 2019 level of GIR serves as an ample external liquidity buffer and is equivalent to 7.4 months’ worth of imports of goods and payments of services and primary income. It is also equivalent to 5.2 times the country’s short-term external debt based on original maturity and 3.8 times based on residual maturity,” he said.