BSP: Forex reserves slightly lower in Feb.

But last month’s GIR reported to be 8.8% higher year-on-year



The country’s foreign exchange reserves reached $83.82 billion by the end of February, lower than the previous month’s level but still considered to be comfortable, the Bangko Sentral ng Pilipinas (BSP) said Thursday.

The central bank reported that the country’s gross international reserves (GIR) by the end of February was 1.7 percent lower than the $85.27 billion posted the previous month.

However, the latest amount was still up by 8.8 percent from the $77.01 billion registered in the same month last year.

The month-on-month decline in the February GIR was attributed to outflows resulting from withdrawals by the government, as well as the state-owned Power Sector Assets and Liabilities Management Corp. (PSALM), which used the funds to settle its maturing debts, the central bank said.

Also, the decline in prices of gold in the world market led to the drop in the foreign exchange reserves. The country’s gold holdings account for nearly 12 percent of its total reserves, the BSP said.

On a year-on-year basis, the foreign exchange reserves grew because of the robust inflow of money sent home by overseas Filipino workers, and of investments by foreigners in peso-denominated securities and the BPO sector.

The BSP considers the foreign exchange reserves to be comfortable—more than enough to service the country’s import requirements and pay its debts as they fall due.

The latest amount of GIR is enough to cover nearly 12 months worth of the country’s import requirements. It is also 6.6 times the total outstanding and short-term foreign currency-denominated debt owed by private and public entities to foreign creditors.

Get Inquirer updates while on the go, add us on these apps:

Inquirer Viber

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

  • mxsclxmxn

    In the P100 BILL series 2012 Serial # ZK188477 has a logo of the Grand Lodge of Free and Accepted Masons. Freemasonry has its goal of destroying Christendom and replacing it with man-centered government and Satanic religion filled with errors. 
    How can this logo of a satanic group be allowed to print in the monetary instrument of the country with the constitution believing in a God asking for HIS Divine Providence?

    • 1voxPopuli

      where is the amused button?

  • rodben

    Malaki yata gustusin pag election…

  • Ajuoy

    Ubusin nyo na lang yan sa projects before 2016. Pagnanalo si Binay na President eh mapunta kang sa bulsa nya. Please do not vote for Nancy Binay. Nancy will be using her PDAF to financeher Dad’s presidential ambition. We are all in for 6 years of downturn. Hirap buhay.

To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.

Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:

c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


editors' picks



latest videos