Gross reserves dip to $76.89 billion in July: BSP data

ABS-CBN News

Posted at Aug 07 2018 11:01 PM

The Philippines' gross international reserves (GIR) slipped for a seventh straight month, according to preliminary data from the central bank. File/Mark Demayo, ABS-CBN News

MANILA—The Philippines' gross international reserves (GIR) slipped for a seventh straight month, according to preliminary data from the central bank. 

The Bangko Sentral ng Pilipinas (BSP) said the GIR level stood at $76.89 billion as of end-July. 

"This was lower than the $77.53 billion level recorded in June 2018 due mainly to outflows arising from the payments made by the national government for its maturing foreign exchange obligations, foreign exchange operations of the BSP, and revaluation adjustments on the BSP’s gold holdings resulting from the decrease in the price of gold in the international market," the BSP said in a statement. 

The BSP said the reserves were equivalent to 7.4 months’ worth of imports of goods, and payments of services and primary income.