The country’s preliminary gross international reserves (GIR) rose to $79.3 billion as of end-July 2012, data from the Bangko Sentral ng Pilipinas showed.
This is higher by $3.2 billion than the end-June 2012 GIR of $76.1 billion. It has already breached BSP’s full-year forecast of between $77.5 and $78 billion.
BSP Governor Amando Tetangco said that the end-July 2012 GIR level could adequately cover 11.7 months worth of imports of goods and payments of services and income.
It is also equivalent to 10.7 times the country’s short-term external debt based on original maturity and 6.4 times based on residual maturity.
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