Gross reserves for PH fell to $103.4 billion in April

According to data released on Tuesday by the Bangko Sentral ng Pilipinas, the Philippines' gross international reserves decreased to $103.4 billion in April from $104.1 billion in March.

According to the BSP, the government's withdrawal of foreign currency to cover the nation's foreign debt and other expenses caused the GIR level to drop.

Nonetheless, the central bank stated that foreign reserves are still more than sufficient to meet the demands of the nation.

According to the BSP, The most recent GIR level indicates a more than sufficient external liquidity buffer equal to 7.7 months' worth of primary income, payments for services, and imports of products..

“Additionally, based on original maturity it is approximately 5.9 times the nation's short-term external debt, and based on residual maturity it is 3.6 times.”

News source: 

https://news.abs-cbn.com/business/2024/5/7/ph-gross-reserves-slide-to-103-4-b-in-april-2040