Forex reserves rise to $79.95 B in May

MANILA, Philippines (Xinhua) - The gross international reserves (GIR) of the Philippines rose to $79.95 billion in May, according to preliminary data released by the local central bank today.

The GIR level in May was $113 million higher than the $79.84 billion posted in April.

In a statement, the Philippine central bank attributed the hike in the GIR to its foreign exchange operations and the net foreign currency deposits by the Treasurer of the Philippines.

The central bank said the GIR level can cover 11.1 months' worth of imports of goods and payments of services and income. It is also equivalent to 6.8 times the country's short-term external debt based on original maturity and 4.8 times based on residual maturity.