The gross international reserves, which mirror the country’s external strength, climbed to a four-month high of $96 billion in December, supported by strong remittance inflows during the holiday season, data from the Bangko Sentral ng Pilipinas-- READ:
supported by strong remittance inflows during the holiday season, data from the Bangko Sentral ng Pilipinas showed over the weekend.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the GIR could have also picked up further in December because of the seasonal increase in the country’s structural US dollar inflows, especially in view of increased holiday-related spending in December, such as OFW remittances, BPO revenues and record-high exports in recent months.
“The decline in the GIR somewhat correlated with the relatively weaker peso in earlier months of 2022,” Ricafort said in a report.
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