PH dollar reserves fall below $100 B

Philippines’ foreign currency reserves dropped to year-year low of $98.83 billion as of end-July this year as the central bank was selling US dollars to temper the exchange rate volatility.

Medalla said the BSP expects the peso “to be middle of the pack”. The Development Budget Coordination Committee’s peso-US dollar exchange rate assumption is P51 to P55 for 2023 until 2028. The peso at P55 has already broken past the P51 to P53 DBCC assumption for this year. The BSP has raised the policy rate by a total 50 basis points in May and June but it did not tame the peso. Medalla said the more aggressive, off-cycle 75 bps rate hike last July 14 has done its job of keeping the peso below P56 and it will also help in preventing a disanchoring of inflation expectations. He hinted that with inflation hitting 6.4 percent in July, higher than June’s 6.

Meanwhile, the GIR was last reported in the $98 billion level in 2020. It first climbed the $100 billion level in September 2020, reaching a peak of $110.12 billion in December of the same year. The peso was strong at the time and the BSP accumulates US dollars when the currency is appreciating. The GIR is the country’s reserve assets composed of gold holdings, foreign investments, foreign exchange, reserve position in the International Monetary Fund and special drawing rights .

“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, and downward adjustment in the value of the BSP’s gold holdings due to the decrease in the price of gold in the international market,” said the BSP.

Pag naubusan. Wasak! Ang contingency plan ay digitalization, mainstreaming, agricultural, rotc, bBb. Philippines can stand alone without those reserve. As the 31m believed. 🥰🥰🥰

golden age na

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