Philippines' forex reserves up to $81.34 B in February

MANILA, Philippines (Xinhua) - Gross International Reserves (GIR) increased to $81.34 billion in February from $80.72 billion the previous month, the Philippine central bank (BSP) said today.

"The increase in reserves was due mainly to the National Government's net foreign currency deposits and the BSP's foreign exchange operations and income from investments abroad," the BSP said.

The BSP added that the February GIR is enough to pay for 10.4 months of the country's imports of goods and services.

Net International Reserves (NIR) or GIR minus short-term debts increased to $81.3 billion in February from $80.7 billion in January.