Phl April Reserves up 11% to $76b

Philippine foreign reserves settled at $75.965 billion as of end-April, or 10.9 percent wider than a year earlier but narrower than its all-time high of $77.357 billion in January, the Bangko Sentral ng Pilipinas said Monday.
 
The year-on-year growth was driven by the higher valuation of Bangko Sentral’s gold holdings and its investments abroad.
 
However, the reserves, also known as the gross international reserves or GIR, have been slipping since it hit record level in January, according to central bank data.
 
The GIR slipped to $76.128 billion in March and to $77.011 billion in February, from $77.357 billion in January.
 
“Maturing foreign exchange obligations of the national government as well as the revaluation losses on the BSP’s gold holdings on account of the decline in the price of gold in the international market reduced the reserve level during the month,” said Bangko Sentral Gov. Amando Tetangco Jr.
 
Foreign exchange outflows in April were offset by income from Bangko Sentral investments abroad and foreign currency deposits by authorized agent banks, Tetangco added.
 
The GIR as of end-April could have accounted for 11.4 months worth of imports of goods and payments of services and income, as well as 10.8 times the country's short-term external debt based on original maturity and 6.4 times based on residual maturity, the central bank chief noted.
 
The Bangko Sentral expects foreign reserves to hit a new all-time high of $79 billion this year, compared with $75.302 billion as of end-2011. —VS, GMA News