Forex reserves rise to $80.72 B in June
MANILA, Philippines (Xinhua) - The gross international reserves ( GIR) of the Philippines rose to $80.72 billion in June, according to preliminary data released by the local central bank today.
The June GIR was nearly $500 million higher than the $80.24 billion foreign exchange reserves posted in May.
The Philippine central bank said in a statement that the increase in the GIR was due to the revaluation adjustments on its gold holdings, net foreign currency deposits by the Treasurer of the Philippines and income from its investments abroad.
The central bank said the June GIR remains ample as it can cover 11 months' worth of imports of goods and payments of services and income.
It is also equivalent to 7.7 times the country's short-term external debt based on original maturity and 5.7 times based on residual maturity.
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