Higher gold holdings value boosts PHL’s end-July GIR to $99.7B | Cai U. Ordinario

An increase in the value of the country’s gold holdings allowed the country’s Gross International Reserves (GIR) to bounce back after posting two consecutive months of decline, according to data released by the BSP. Know more:

AN increase in the value of the country’s gold holdings allowed the country’s Gross International Reserves to bounce back after posting two consecutive months of decline, according to data released by the Bangko Sentral ng Pilipinas .

“The month-on-month increase in the GIR level reflected mainly the upward valuation adjustments in the value of the BSP gold holdings due to the increase in the price of gold in the international market,” BSP said. It added that the GIR is also 5.9 times the country’s short-term external debt based on original maturity and 4.1 times based on residual maturity.

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