The Philippines’ gross international reserves appears to have risen further in December 2022 by $887 million to a four-month high of $96 billion from $95.1 billion in November.
“The month-on-month increase in the GIR level reflected mainly the [BSP’s] net foreign exchange operations, the upward valuation adjustments in the value of BSP’s gold holdings due to the increase in the price of gold in the international market and net income from the BSP’s investments abroad,” the central bank said.
At the end of December, BSP’s earnings from its overseas investments were pegged at $81.32 billion, an increase of 1.3 percent from $80.3 billion a month earlier. Also, the central bank’s gold holdings were valued at $9.28 billion, an increase of 3.6 percent from $8.96 billion. Michael Ricafort, chief economist at the Rizal Commercial Banking Corp., noted that these gains were offset by a $502-million decrease in the BSP’s foreign exchange holdings in December.
This meant that the BSP’s stock of foreign currency shrank by 35.5 percent to $912.4 million from $1.4 billion in November.ADVERTISEMENTBefore that, in October, the peso hit its record weakest position of 59:$1 four times — Oct. 3, 10, 13, and 17. The peso started 2022 at 51:$1.
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