Philippines gross int’l reserves level rises to 101.3 bln USD by November

MANILA, Dec. 8– The Philippines’ gross international reserves rose to 101.3 billion U.S. dollars as of November from the October level of 101 billion dollars, the Philippine central bank has said. The central bank said on Thursday night that the latest GIR level represented a more than adequate external liquidity buffer equivalent to 7.5 months’ worth of imports…

MANILA, Dec. 8 (Xinhua) — The Philippines’ gross international reserves (GIR) rose to 101.3 billion U.S. dollars as of November from the October level of 101 billion dollars, the Philippine central bank has said.

The central bank said on Thursday night that the latest GIR level represented a more than adequate external liquidity buffer equivalent to 7.5 months’ worth of imports of goods and payments of services and primary income.

The central bank added the November GIR level is about 5.8 times the country’s short-term external debt based on original maturity and 3.6 times based on residual maturity.

The month-on-month increase in the GIR level reflected mainly the upward valuation adjustments in the value of the central bank’s gold holdings due to an increase in the price of gold in the international market and its net income from investments abroad, it said. Enditem