Philippine dollar reserves slipped in February as the national government withdrew from its deposits to pay for debt and other programs, data released by the Bangko Sentral ng Pilipinas (BSP) revealed.
$100.665 billion in January.
The central bank’s reserve assets consist of foreign investments, gold, foreign exchange, reserve position in the International Monetary Fund , and special drawing rights. Latest data available from the Bureau of the Treasury showed that the government’s debt swelled to a record-highThe central bank also attributed the decline to the downward adjustments in the value of its gold holdings as international market prices dropped.
It is also equivalent to 6.1 times the country’s short-term external debt based on original maturity, and 4.1 times based on residual maturity.
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