After experiencing a downward trend since Duterte assumed the Presidency, the country’s GIR (Gross International Reserves) rose to $81 bn plus dollars in January 2017.
According to PTV News, the amount is higher than the previous year in December and January 2016 which stood at $80.7 billion dollars.
The good news was revealed by BSP Officer-in-Charge Nestor Espinido Jr. and traced the higher foreign exchange reserves to the inflow of net worth currency deposits of the central government with the Central Bank.
Other factors cited in the increase of foreign reserves is the re-evaluation adjustments on Central Banks gold holdings following the uptick of gold prices in the world market and income of Central Bank’s investment overseas.
Espinido said the foreign reserves is enough to cover 9.2 months worth of goods and payments of services and primary income.
To get a comparison of the Philippines Gross International Reserves in 2016, visit the link here.
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