Forex reserves hit $108 billionBSP Governor Benjamin Diokno said the month-on-month increase in the gross international reserves (GIR) level reflected mainly the national government’s net foreign currency deposits with the central bank. The value of the BSP’s gold holdings went up by 3.2 percent to $9.13 billion in October from $8.85 billion in September. Likewise, the Philippines received 1.96 billion special drawing rights (SDR) allocation worth $2.78 billion from the International Monetary Fund (IMF) on Aug. 23, helping boost the country’s foreign exchange buffer. The Philippines has been building up its foreign exchange buffer to hit a record $110.12 billion in December as the government borrowed more from foreign creditors to finance its COVID response measures. The BSP sees a record GIR of $114 billion this year and another all-time high of $115 billion next year.

Source: Philippine Star November 12, 2021 20:27 UTC