MANILA - The country's gross international reserves for the whole year of 2020 rose to $109.8 billion in December, up $4.98 billion from $104.82 billion the month earlier.
"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 11.7 months’ worth of imports of goods and payments of services and primary income," the Bangko Sentral ng Pilipinas said. It said the GIR increased due to its foreign exchange operations, the national government’s foreign currency deposits with the BSP from the ROP Global Bonds, and revaluation gains from its gold holdings.
The BSP earlier said it has been actively trading gold to take advantage of the favorable bullion prices in the global market.
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