MANILA, Philippines — The Philippines’ foreign exchange reserves climbed to a five-month high in August, helped by a surge in the value of the central bank’s gold holdings and gains from its overseas investments despite financial-market volatility stemming from the US-Iran conflict.
Latest data from the Bangko Sentral ng Pilipinas (BSP) showed the country’s gross international reserves (GIR) fell 2.1 percent from a year earlier to $104.8 billion. Even so, this was the highest level of reserves since March, when buffer funds amounted to $106.6 billion.
READ: PH international reserves neared two-year low of $103.4B in July
Article continues after this advertisement
The reserves serve as the country’s main shield against external shocks, helping finance imports and foreign debt payments in periods when export earnings or access to foreign loans dry up.FEATURED STORIES
