PH forex reserves breach $100B

The country’s gross international reserves (GIR) hit a new all-time high of $100.49 billion as of September, boosted by the central bank’s foreign exchange operations and inflows from offshore investments.

The amount marked an increase of $1.54 billion from August.

According to the central bank, the end-September GIR level represents a more than adequate external liquidity buffer, which can cushion the domestic economy against external shocks. It is equivalent to 10 months’ worth of import payments.

Short-term loans are safe too, as the amount can pay over 9 times worth the maturing debts.

The BSP expects the country’s reserves to maintain the $100 billion level until the end of the year and will increase to $102 billion next year.

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