The Bangko Sentral ng Pilipinas is flexing some serious cash muscles! As of end-May, the country’s gross international reserves (GIR) climbed to a whopping $105.5 billion, up from April’s $105.3B. What’s behind the bump? Thank the rising price of gold, smarter overseas investments, and some fresh foreign currency deposits from the government.
The BSP’s stash includes gold, foreign investments, and even special rights from the IMF. Net international reserves also ticked up to $105.34B—talk about stacking dollars!
BSP proudly claims this war chest can cover 7.3 months’ worth of imports and triple our short-term debt. That’s way above the 3-month safety line experts usually look for. Looks like the Philippines is sitting pretty in the money game—for now. | via Lorencris Siarez | Photo via PNA
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