Philippine forex reserves at fresh record high in September
* Forex reserves can cover nearly one year worth of imports
* Equal to 6.5 times s-term foreign debt, residual maturity
MANILA, Oct 5 (Reuters) - The Philippine central bank on Friday released preliminary data on gross international reserves (GIR) at the end of September:
KEY DATA Sept Aug July June May Apr GIR ($ bln) 81.878 80.728 79.759 76.130 76.082 76.538
NOTE: Data is preliminary. August figure was revised.
- The increase in the reserves level was due mainly to the central bank's foreign exchange operations, its income from overseas investments, a n d gains on revaluation of the central bank's gold holdings, the Bangko Sentral ng Pilipinas said in a statement. It a dded the inflows were partly offset by payments by the national government of its maturing foreign exchange obligations.
- Governor Amando Tetangco has said the central bank will review its yearend forecast for foreign reserves, with current levels above the official forecast of $77.5 billion to $78 billion at the end of 2012.
- The Philippine peso
is emerging Asia's best performing currency so far this year, with gains of nearly 6 percent against the dollar in 2012.
- The central bank will also review its 2012 balance of payments surplus forecast of $2.8 billion, or 1.1 percent of gross domestic product. The BOP surplus in 2011 was $10.18 billion.
- The country gets an average of more than $1.6 billion in remittances from overseas Filipinos each month, helping to support the peso, balance of payments and foreign reserves.
- For details, central bank website is
(Reporting by Karen Lema; Editing by Rosemarie Francisco)
Keywords: PHILIPPINES ECONOMY/RESERVES