Gross international reserves climbed to $82.6 billion in March, the highest in more than two years, Bangko Sentral said Thursday.
Data showed reserves increased by $2.1 billion from $80.5 billion in March 2015. The figure was also up $700 million from $81.88 billion in February.
Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said the increase in reserves was due mainly to net foreign currency deposits by the national government which included proceeds
from the issuance of global bonds amounting to $495 million and from program loans extended by the Asian Development Bank.
Other contributors were Bangko Sentral’s income from investments abroad and the revaluation of Bangko Sentral’s foreign currency-denominated reserves.
“These were partially offset by payments made by the national government for its maturing foreign exchange obligations and revaluation adjustments on the BSP’s gold holdings resulting from the decrease in the price of gold in the international market,” Tetangco said.