The Philippine gross international reserves slipped in November due to outflows from payments of the government for its debt obligations, the Bangko Sentral ng Pilipinas (BSP) reported.
Data released by the central bank showed that the GIR stood at $93.954 billion last month, down from $94.027 billion in October and $107.723 billion in November 2021.
“The month-on-month decrease in the GIR level reflected mainly the national government’s payments of its foreign currency debt obligations and the Bangko Sentral ng Pilipinas’ net foreign exchange operations,” the BSP said.soared to a new all-time high of P13.64 trillionNet international reserves — the difference between the GIR and reserve liabilities such as short-term foreign debt and credit and loans — also fell to $93.93 billion from $93.99 billion in October.
“For the coming months, especially for the remaining months of the year, GIR could still increase due to the seasonal increase, especially towards the holiday season towards the end of 2022,” he said in a separate commentary. He noted, however, that these could be offset by foreign debt payments, intervention activities on the foreign exchange, and other measures to help stabilize the peso and manage inflation.
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