PHL GIR up to $80B
The Central Bank of the Philippines reported that the country’s August gross international reserves (GIR) has set a new record, posting $80 billion on 2012’s eighth month.
The GIR record for August 2012 which rose to $80.78 billion stemmed from BSP’s income from foreign investments and loans. The record jumped by 98.74 percent from July’s $79.76 billion and 94 percent at $75.94 billion the same period last year.
The BSP said in a statement that what helped the foreign reserves that could cover 11.89 months worth of the country’s imports is the foreign exchange operations and income from foreign investors.