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Philippines' gross reserves slip to $106 billion in June: BSP

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/reuters/07/13/20210708-dollar.jpg"/><figcaption>Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. <em>Rick Wilking, Reuters/File Photo</em></figcaption></figure></div><p>MANILAS - The Philippines&#x27; gross international reserves (GIR) level slightly declined settling at $106.08 billion in June 2021, the Bangko Sentral ng Pilipinas said Tuesday. </p><p>In May, GIR was at $107.25 billion, the BSP said in a statement </p><p>The June GIR level is &quot;more than adequate&quot; external liquidity buffer equivalent to 12.1 months&#x27; worth of imports of goods and payments of services and primary income, the central bank said.</p><p>The total is also 7.8 times the country&#x27;s short-term external debt based on original maturity and 5.2 times based on residual maturity, it said.</p><p>On Monday, Fitch Ratings cited the Philippines&#x27; external finances as a &quot;credit strength&quot; noting that foreign-currency reserves are high and gross external debt levels remain manageable.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/12/21/fitch-affirms-philippines-bbb-rating-but-revises-outlook-to-negative-from-stable">Fitch affirms Philippines BBB rating but revises outlook to negative from stable</a></li></ul><p>The month-on-month decrease was attributed to the downward adjustment in value of the BSP&#x27;s gold holdings, foreign currency withdrawals to pay foreign debt obligations and other expenditures, it said.</p><p>These were partly offset by inflows from BSP&#x27;s income from investments abroad, it said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/12/21/bsp-not-worried-us-fed-rate-hike-dollars">Hefty reserves to shield Philippines from US Fed actions: BSP</a></li></ul><p>BSP Governor Benjamin Diokno said he is not worried of any US Federal Reserve interest rate cut due to the Philippines&#x27; &quot;hefty&quot; international reserve.</p><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1725290" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>The Philippines' gross international reserves (GIR) level slightly declined settling at $106.08 billion in June 2021, the Bangko Sentral ng Pilipinas said Tuesday. </p>

The Philippines' gross international reserves (GIR) level slightly declined settling at $106.08 billion in June 2021, the Bangko Sentral ng Pilipinas said Tuesday.