THE country’s dollar defenses against economic imbalances fell to its lowest in more than a year in May, due largely from lower proceeds from foreign investments and the drop of gold prices in the international market.
It is also the lowest level for the country in 15 months, or since September 2020 when it hit $100.49 billion; and the third consecutive month of decline for the country’s GIR. According to the BSP, the month-on-month decrease in the GIR level reflected mainly the national government’s foreign currency withdrawals from its deposits with the BSP to settle its foreign currency debt obligations and pay for its various expenditures.
Foreign investments still accounted for the largest part of the GIR during the month, albeit lower at $87.87 million from the $89.56 million seen in end-April.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.