Forex reserves recover in February

AFP FILE PHOTO

MANILA, Philippines—The country’s foreign exchange reserves recovered in February as foreign investors poured money back into the Philippines, relieving pressure for monetary officials to defend the peso from volatility.

In a press statement, the Bangko Sentral ng Pilipinas reported that its gross international reserves rose to $80.343 billion last month from $79.51 billion the month before.

The slight increase in February followed a decline in January that was the sharpest drop in the gross international reserves to date. A month-on-month decline in the country’s reserves of $3.67 billion was recorded in January.

“The level of reserves remains comfortable as it can amply cover 11.5 months’ worth of imports of goods, and payments of services and income,” the BSP said.

The country’s dollar reserves serve as the last line of defense from external shocks that may lead to economic instability.