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Foreign reserves hit record high of $84B


THE COUNTRY’S foreign exchange reserves reached a record high of $84.1 billion in November, according to the Bangko Sentral ng Pilipinas.

In a statement, the BSP said Friday that the $84.1 billion in gross international reserves (GIR) was enough to cover a little over a year’s worth of imports.

The reserves were also 6.8 times the country’s foreign currency-denominated debts maturing within a year.

Also, the foreign exchange reserves as of end-November were up by about 10 percent from the P76.21 billion posted as of the same period last year.

The rise in the country’s foreign exchange reserves was mainly due to the BSP’s foreign exchange operations.

The central bank has been buying dollars from the market to help temper an even sharper appreciation of the peso against the greenback.

The appreciation of the peso has hurt the export sector, which said the strong peso made Philippine-made goods more expensive in dollar terms and, therefore, less competitive in the global market.

The peso, which is now hovering at the 40-to-a-dollar territory from the 43:$1 level at the start of the year, has appreciated by nearly 7 percent since January and has become one of the strongest performing currencies in Asia.

The BSP said that under its foreign exchange policy, it lets the market determine the exchange rate, but it does intervene to temper excessive appreciation (or depreciation) pressures.

The BSP said too much volatility of the exchange rate is bad for businesses and the economy.

The rise in the GIR was also traced to foreign loans obtained by the national government and the increase in the prices of gold in the world market. Of the latest amount of GIR, $10.6 billion was accounted for by the country’s gold holdings.

The central bank also said that there was room for the reserves to increase in 2013.

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Tags: Business , foreign reserves

  • http://pulse.yahoo.com/_D3LDMMAKC6UDQLDVFP2DGSJBXY Jezzrel

    OFW28, ano kayang mangyayari sa USD84.1B FR natin kung tuluyang magcollapse ekonomiya ng US?

    Baka maging useless printed paper lang mga iyon….

    • OFW28

      malayo pang mangyari yang sinsabi mo, sabi nga nila in10 years time, uunahan na sya ng China, kaya andyan pa rin ang US. Di natin alam kung hanggang kailan mamamayagpag pa ang US. Siguro naman eh yang mga nasa gobyerno natin pinag-iisipan na yan, tayong mga meron maghintay laaang!! 

  • OFW28

    Tingnan natin kung ano naman pananaw ng dalawang ito

    itong mga nasa baba mga comment  nila, copy-paste kunwari alam nila ang binabasa nila.
    Mauli Champ
    angtangamo – ito ang pinaka sinungaling dito iibahin ang nabasa nya at ipo-post dito, ito ang mga talangka, kalahi ni Tiglao at doronilla, TIGLAOISM!!!

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