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The Philippines’ gross international reserves (GIR) declined to $106.2 billion at end-March from the end-February level of $107.4 billion, the Bangko Sentral ng Pilipinas (BSP) said late Monday.
The month-on-month fall in the GIR level “reflected mainly the drawdowns by the national government on its foreign currency deposits to meet its external debt obligations, while some were used by the BSP for its foreign exchange operations, the central bank said.
The March GIR level “provides a robust external liquidity buffer, equivalent to 7.3 months’ worth of imports of goods and payments of services and primary income, and covers about 3.7 times the country’s short-term external debt,” the BSP added.
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