The foreign exchange operations of the central bank and net foreign currency deposits of the Treasurer of the Philippines helped boost the country’s foreign reserves to $79.96 billion in May 2014,a government press release said.
Data released by the Bangko Sentral ng Pilipinas yesterday showed that the country’s foreign reserves in the fifth month this year is slightly higher than month-ago’s $ 79.84 billion and year-ago’s nearly $ 82 billion.
BSP’s GIR target this year is $ 88 billion.
BSP officer-in-charge Vicente Aquino, said in a statement, that although the reserves increased there were partly offset by the revaluation adjustments of the central bank’s gold holdings and payment of the government of its maturing liabilities.
He said the reserves are enough to cover 11.1 months worth of imports of goods and payments of services and income.
Also, it is equivalent to 6.8 times the country’s short-term external debt based on original maturity and 4.8 times based on residual maturity.
The central bank defines short-term debt based on residual maturity as the liabilities with original maturity of one year or less plus principal payments on medium and long-term loans of both the public and private sectors due within 12 months.
During the same time, the country’s net international reserves also stood at $ 79.94 billion from $ 79.83 billion last April.
NIR is the difference between the central bank’s foreign reserves and the total short-term debt.*PNA
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