Philippines' foreign reserves rise to 112.5 bln USD in January

MANILA, Feb. 6 (Xinhua) -- The Philippines' gross international reserves (GIR) rose to 112.5 billion U.S. dollars as of January, according to the preliminary data released by the Philippine central bank on Friday.

The Bangko Sentral ng Pilipinas (BSP) said the latest GIR level provides a robust external liquidity buffer, equivalent to 7.5 months' worth of imports of goods and payments of services, and primary income.

Moreover, it covers 4.1 times the country's short-term external debt based on residual maturity.

"These reserves serve as a buffer against external economic shocks, enabling a country to pay for its imports, service its foreign debt obligations, and stabilize its currency," the BSP said. ■