Philippines GIR hits 13-month high of $111 billion in November

The Philippines' gross international reserves (GIR) reached $111.077 billion in November, its highest level in 13 months.

This represents a 0.75% increase from the previous month's $110.249 billion, marking the second consecutive monthly rise.

The Bangko Sentral ng Pilipinas (BSP) stated that the growth was primarily driven by an increase in its gold holdings, which also reached a record high.

Year-on-year, the dollar reserves increased by 2.39% from $108.488 billion.

The BSP noted that the GIR level is sufficient to cover approximately 3.8 times the country's short-term external debt based on residual maturity.

An adequate GIR level is considered to be one that can cover at least 100% of the country's public and private foreign debt payments due within the immediate year.