THE PHILIPPINES’ gross international reserves (GIR) dipped by 0.3% month on month in June, which the Bangko Sentral ng Pilipinas (BSP) governor partly attributed to its intervention in the foreign exchange market amid the peso’s continued depreciation against the US dollar.
Preliminary data from the BSP showed gross dollar reserves settled at $104.7 billion at end-June, slightly lower than $105.02 billion at end-May.
Year on year, dollar reserves rose by 5.3% from $99.39 billion.
“The month-on-month decline in the GIR level reflected mainly the National Government’s (NG) payments of its foreign currency debt obligations and downward valuation adjustments in the BSP gold holdings due to the decrease in the price of gold in the international market,” the central bank said.
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