Int’l reserves rise to $80.3 B in Feb

MANILA, Philippines - The country’s gross international reserves went up to $80.343 billion in February from $79.510 billion in January, the Bangko Sentral ng Pilipinas reported yesterday.

“The increase in reserves was due mainly to the revaluation adjustments on the BSP’s gold holdings, as well as the BSP’s foreign exchange operations and income from investments,” the central bank said.

“These inflows were partially offset by payments of the government for its maturing foreign exchange obligations,” it added.

The GIR indicates a country’s ability to pay for its foreign debt and imports of goods and services.

The BSP said the February reserves were enough to cover 11.5 months’ worth of imports of goods and payments of services and income.

The latest figure was also equivalent to 7.9 times the country’s short-term external debt based on original maturity and 5.7 times based on residual maturity.

Meanwhile, the country’s net international reserves or GIR minus short-term debts went up to $80.3 billion in February from $79.5 billion in January.

The BSP expects the country’s reserves to hit $88 billion this year, six percent higher than the $83.187 billion recorded in end-2013.

BSP Governor Amando M. Tetangco Jr. earlier said the actual level may only amount to between $86 billion and $87 billion due to revaluation adjustments.