A dip in gold prices meant lower reserves for the Philippines.
Gross international reserves (GIR) held by the central bank dropped to $80.3 billion in November, coming from the $80.4 billion level recorded the previous month.
In a statement, the Bangko Sentral ng Pilipinas (BSP) attributed the decline to bigger money outflows as the government settled its foreign loans during the month. Downward valuations for gold prices in the international market also drove the reserve value down.
The GIR then went down to a two-year low. Still, the central bank said the reserves can comfortably cover 8.4 months worth of imports for the Philippines, and pay as much as 5.4 times the country’s short-term outstanding debt.