Phl dollar reserves still solid at USD105.7-B despite dip

The Philippines’ foreign currency stash dipped slightly in July — but the Bangko Sentral ng Pilipinas (BSP) assures it remains more than enough to shield the country from external economic shocks.

Data released Thursday showed the country’s gross international reserves (GIR) stood at USD105.7 billion last month, a marginal decrease from the USD106 billion recorded at the end of June.

The BSP said the current GIR level still reflects a “healthy and resilient” external position, sufficient to cover 7.2 months’ worth of imports and payments for services and primary income.

It also remains strong enough to pay for the country’s short-term external debt — more than three times over.

Composed of foreign currencies, gold, and other reserve assets, GIR helps stabilize the peso, finance imports, and serve as a buffer against global market volatility.

The central bank maintains that as long as GIR can cover at least three months’ worth of imports and external payments, the country is in good shape — and at more than double that benchmark, the reserves are firmly holding the line.