Philippine gross int'l reserves down to $85.75 billion in October
Bangko Sentral ng Pilipinas Officer-in-charge Vicente Aquino said the October level was lower by $0.39 billion than the September GIR of $86.14 billion.
The central bank attributed the drop of the GIR on the "outflows arising from payments made by the National Government (NG) for its maturing foreign exchange obligations, foreign exchange operations of the BSP and revaluation adjustments on the BSP's gold holdings resulting from the decrease in the price of gold in the international market."
However, these were partially offset by the reclassification of Renminbi-denominated accounts from non-reserve to reserve eligible assets and the NG's net foreign currency deposits, along with the BSP's income from investments abroad.
The Monetary Board approved the inclusion of the Chinese Renminbi in the official international reserves of the BSP effective October 13 to ensure the availability of the said currency to the banking system in consideration of the rising economic and financial importance of China. ■