Philippines' gross int'l reserves continue to rise in August

Xinhua
14 Sep 2021, 23:05 GMT+10

MANILA, Sept. 14 (Xinhua) -- The Philippines' gross international reserves (GIR) rose by 0.9 billion U.S. dollars to 108.05 billion U.S. dollars at the end of August, the Philippine central bank said.

The latest GIR level represents a more than adequate external liquidity buffer equivalent to 12.3 months' worth of imports of goods and payments of services and primary income, the Bangko Sentral ng Pilipinas (BSP) said in a statement.

Moreover, the BSP said the GIR is about 7.8 times the country's short-term external debt based on original maturity and 5.4 times based on residual maturity.

The BSP said the GIR increase was due largely to the additional allocation of Special Drawing Rights to the Philippines, given the International Monetary Fund's efforts to increase global liquidity amid the COVID-19 pandemic.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Manila Metro.

More Information

33 ℃

Mostly Cloudy in Science Garden

Asia Pacific

Section

European Union supports France in spat with Australia over subs

France continues to fume over Australia's decision to ditch a €60bn French contract to build 12 submarines for the Australian ...

After China crackdown, teachers leaving Hong Kong

HONG KONG: Disillusioned school teachers, who feel threatened by Beijing's strict national security law enacted in June 2020, are leaving ...

Ad revenue on Australian commercial radio stations surges in August

SYDNEY, NSW, Australia - Australian commercial radio ad revenue has bounced back up despite ongoing lockdown restrictions across the country.Revenue ...

China enacts emergency procedures after earthquake hits Sichuan

BEIJING, China: China is carrying out emergency procedures after a 6.0-magnitude earthquake struck Sichuan Province in the country's southwest, killing ...

China seeks membership in Asia trade group Trans-Pacific Partnership

BEIJING, China: Seeking to expand its influence, China is seeking to join an 11-nation Asia-Pacific free trade group, the Comprehensive ...

US to provide Australia with nuclear submarines to blunt Chinese

WASHINGTON, D.C.: U.S. President Joe Biden, U.K. Prime Minister Boris Johnson and Australian Prime Minister Scott Morrison have announced that ...

International

Section