The Philippines’ gross international reserves rose for the fourth month in a row, approaching the $100-billion mark at a preliminary $99.7 billion at the end January thanks to fresh foreign debt, according to the Bangko Sentral ng Pilipinas. /PDI
The stock of foreign reserves has been increasing month after month since September 2022, when it was pegged at $93 billion.Also, the GIR first breached the $100-billion mark at $100.4 billion in September 2020 as the global fallout of the COVID-19 pandemic slashed the Philippines’ import bill. It peaked at $110.12 billion in December 2020.
Such reserves are considered adequate if they can finance at least three-months’ worth of the country’s import bill. Thus, the GIR as of January was more than twice the minimum adequate amount. At the end of January, BSP’s earnings from its overseas investments were pegged at $83.25 billion, an increase of 2.3 percent from $81.37 billion a month earlier.The central bank’s gold holdings were valued at $9.8 billion, an increase of 5.6 percent from $9.28 billion.
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