Philippine forex reserves hit 84.2 bln USD in 2012 --China Economic Net

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Philippine forex reserves hit 84.2 bln USD in 2012

Last Updated: 2013-01-07 18:39 | Xinhua

Philippine gross international reserves (GIR) stood at 84.2 billion U.S. dollars as of end- December, the nation's central bank reported Monday.

The figure was 11.8 percent higher than 75.3 billion U.S. dollars posted in 2011.

The increase in foreign exchange reserves was attributed to the local central bank's foreign exchange operations and foreign currency deposits by the national government and the Power Sector Assets and Liabilities Management Corp.

The central bank here said the end-2012 GIR level can cover 12. 1 months worth of imports of goods and payments of services and income.

It is also equivalent to 10.5 times the country's short-term external debt based on original maturity and 5.8 times based on residual maturity.

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