ʳ辱ԱDZDzܱڳٱٳDZԳԳ’sDzDzԻԻܱٴԲDZٳԳٱԲپDzԲ,ٳԳٰDz岹.
Gross international reserves went up by 0.75% to $106.55 billion from a month earlier, data from the Bangko Sentral ng Pilipinas (BSP) showed. The end-July level was 8.1% higher than a year earlier.
Thecentralbanktracedtheincreasetoinflowsfromnetforeigncurrencydepositsbythegovernment,includingproceedsfromitsglobalbondsaleandtheriseinthevalueofgoldheldbytheBSP.
The state raised $3 billion from its dual-tranche offering of dollar-denominated bonds in June, — $2.25 billion via 25-year securities and $750 million in 10.5-year notes. The global bonds were settled on July 6.
The state tapped the global bond market for the third time this year to support its P4.5-trillion spending plan for the year amid a coronavirus pandemic.
Meanwhile, BSP data showed the gold reserves stood at $9.15 billion as of end-July, 3.1% higher than a month earlier 27.4% lower than last year.
Spotgoldwentupby0.2%to$1,756.61perounceonFriday,withanalystsexpectingpricestostaywithin$1,750-$1,800intheshortterm,Reutersreported.
ThePhilippinecentralbankstartedactivelytradingingoldtotakeadvantageofrisingpricesamidaglobalhealthcrisis.
Higher reserves were offset by outflows from the government’s payment of foreign currency-denominated loans and by foreign exchange operations of the central bank.
Thereservelevelwasadequatetoprovidealiquiditybufferequivalentto12.1months’worthofimportsofgoodsandpaymentsofservicesandprimaryincome,thecentralbanksaid.
It can also cover the country’s short-term external debt up to 7.7 times based on original maturity, or 5.1 times based on residual maturity.
Thecountry’sdollarreserveswerethreetimesgreaterthantheinternationalthresholdcoveringthreetofourmonths’worthofimports,whichcouldcushionthepesoagainstthedollar’srise,MichaelL.Ricafort,chiefeconomistatRizalCommercialBankingCorp.saidinaVibermessage.
Thehigherreservescouldboostthepesoamidastrongoutlookforthedollar,saidRubenCarloO.Asuncion,chiefeconomistatUnionBankofthePhilippines,Inc.—BeatriceM.Laforga
