Philippine foreign reserves rise to $105.32B in June

Philippine foreign reserves increased slightly to $105.32 billion in June from $105.18 billion in May, according to the Bangko Sentral ng Pilipinas (BSP).

The BSP attributed the increase mainly to national government deposits and income generated by central bank investments.

Gross international reserves (GIR) stood at $105.323 billion as of end-June, providing a robust external liquidity buffer equivalent to 7.2 months' worth of imports and payments for services and primary income.

The GIR also covers about 3.3 times the country's short-term external debt based on residual maturity, viewed as adequate if it can finance at least three months' worth of imports and foreign debt obligations.

Rizal Commercial Banking Corporation chief economist Michael Ricafort noted that higher GIR levels could strengthen the country's external position and support favorable credit ratings in coming months.