MANILA - The Philippines' gross international reserves level rose to $107.95 billion as of the end of October, the central bank said Friday.

This is slightly higher compared to the $106.6 billion recorded the previous month, the Bangko Sentral ng Pilipinas said in a statement.

"The month-on-month increase in the GIR level reflected mainly the National Government's (NG) net foreign currency deposits with the BSP and upward adjustment in the value of the BSP’s gold holdings due to the increase in the price of gold in the international market," it said.

The latest figure represents more than adequate external liquidity buffer equivalent to 10.8 months' worth of imports of goods and payments of services and primary income, the BSP said.

It is also about 7.8 times the country's short-term external debt based on original maturity and 5.4 times based on residual maturity, it added.

The Philippines has maintained hefty reserves and a strong banking system despite the COVID-19 pandemic, BSP Governor Benjamin Diokno earlier said.

Diokno said the country's dollar reserves are enough to shield the Philippines from any monetary action by the US Federal Reserve.

Some central banks across the globe started tightening monetary policies to address inflation. Diokno said a rate increase is unlikely for the country until the end of the year.

• Philippines' gross int'l reserves level slightly declines to $107.16 billion in September: BSP
• Hefty reserves to shield Philippines from US Fed actions: BSP

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