The Gross International Reserves (GIR) of the country for the month of November has increased by US$0.71 billion.
According to the Bangko Sentral ng Pilipinas (BSP) GIR rose to US$104.51 billion from US$103.80 billion in October.
“The latest GIR level represents an adequate external liquidity buffer, which can help cushion the domestic economy against external shocks. This buffer is equivalent to 11.2 months’ worth of imports of goods and payments of services and primary income,” the BSP reported.
It added that the growth from October “reflected inflows mainly from the BSP’s foreign exchange operations and income from its investments abroad.” – PTV News
