The country's gross international reserves (GIR) fell to a two-month low of $106.98 billion at the end of May due to debt payment and other government expenses. The amount at the end of May was the lowest since the end of March this year when it was $104.48 billion. "The month-on-month decrease in the GIR level reflected outflows that mainly from the foreign currency withdrawals of the national government from its deposits with the BSP to pay for its foreign currency debt obligations and various expenditures," the central bank explained. The difference between GIR and total short-term liabilities, known as net international reserves, fell to $106.96 billion at the end of May from $107.69 billion a month earlier. But, central bank Governor Benjamin Diokno, said reserves might reach $120 billion by the end of the year.

Source: Manila Times June 11, 2021 16:52 UTC