Foreign currency inflow pushed the country’s dollar reserve higher in June – the highest level in the Philippines’ history – which bodes well for the strength of the peso and industries that buy raw and intermediate materials abroad.
Initial data show the country’s gross international reserve rose by $0.02 billion to $85.38 billion as of end-June 2019 from $85.36 billion as of end-May 2019, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said on Friday (July 5).
Diokno attributed the reserve increase to the added value of the BSP’s “gold holdings resulting form the increase in the price of gold in the international market.”
The other factors for the increased reserve, he said, were the national government’s net foreign currency deposits, the BSP’s foreign exchange operations and its income from investments abroad.
The increase in reserve, however, was tempered by national government payments for foreign debts. (Editor: Tony Bergonia)