PHL dollar reserves hit $99.72 billion in January | Cai U. Ordinario

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Given the latest labor data and recent economic developments, local economists on Wednesday said they are not confident that job prospects in the Philippines will improve in the coming months. Know more:

The country’s international reserves contracted 7.4 percent year-on-year in January, according to data from the Bangko Sentral ng Pilipinas .

“The year-on-year decline in the GIR somewhat correlated with the relatively weaker peso in earlier months of 2022,” Ricafort said in RCBC’s Hexagon Perspective. However, Ricafort said these drivers may be offset by the government’s plans to reduce foreign borrowings relative to domestic borrowings in the coming months and years to better manage the country’s foreign borrowings.

“The month-on-month increase in the GIR level reflected mainly the National Government’s [NG] net foreign currency deposits with the BSP, which include proceeds from its issuance of ROP Global Bonds, the upward valuation adjustments in the value of the BSP’s gold holdings due to the increase in the price of gold in the international market, and net income from the BSP’s investments abroad,” BSP said.

Source: Financial Digest (financialdigest.net)

 

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