Forex reserves down to $81.6 B in June

MANILA, Philippines (Xinhua) - The foreign exchange reserves in June slipped to $81.6 billion from $82 billion in May, the central bank said today.

Central Bank Governor Amando M. Tetangco, Jr. said attributed the slight decline in the country's gross international reserves (GIR) to revaluation adjustments on the central bank's gold holdings on back of lower global gold prices and payments for maturing foreign exchange obligations of the national government.

Inflows from foreign exchange operations, foreign currency deposits by the Treasurer of the Philippines and income from investments abroad offset outflows.

June's GIR can cover imports of goods and payments of services and income in 11.8 months and is also equivalent to 8.3 times the country's short-term external debt based on original maturity and six times based on residual maturity.