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The facade of the Bangko Sentral ng Pilipinas on February 15, 2024. Jonathan Cellona, ABS-CBN News

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PH gross international reserves hit new record high in September

Arthur Fuentes

ABS-CBN News

<p>MANILA - The Philippines&#x27; gross international reserves (GIR) reached a new record high in September, the Bangko Sentral ng Pilipinas said on Monday.</p><p>Citing preliminary data, the BSP said the country booked $112 billion in gross reserves at the end of September from $107.9 billion at the end of August.</p><p>&quot;The latest GIR level represents a more than adequate external liquidity buffer equivalent to 8.1 months’ worth of imports of goods and payments of services and primary income,&quot; the BSP said.</p><p>It is also about 6.3 times the country’s short-term external debt based on original maturity and 4.4 times based on residual maturity, the BSP added.</p><p>&quot;Similarly, the net international reserves, which refers to the difference between the BSP’s reserve assets (GIR) and reserve liabilities (short-term foreign debt and credit and loans from the International Monetary Fund (IMF)), increased by $4.2 billion to $112.0 billion as of end-September 2024 from the end-August 2024 level of $107.8 billion,&quot; the BSP said.</p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/0M-IimTak2Q?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><p>The country&#x27;s GIR became attracted attention recently following reports that the BSP had been the biggest seller of gold on the world market in the first half of the year.</p><p>The BSP however said that this was done as part of its active management strategy of the country’s gold reserves, which form part of the country’s GIR. The central bank said it took advantage of the higher prices of gold in the market and generated additional income without compromising the primary objectives for holding gold, which are insurance and safety.</p>

<p>The Philippines' gross international reserves (GIR) reached a new record high in September, the Bangko Sentral ng Pilipinas said on Monday.</p>

The Philippines' gross international reserves (GIR) reached a new record high in September, the Bangko Sentral ng Pilipinas said on Monday.