{"id":19648,"date":"2024-07-08T03:06:02","date_gmt":"2024-07-08T03:06:02","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/dollar-reserves-slip-to-104-7-billion-in-june\/"},"modified":"2024-07-08T03:06:02","modified_gmt":"2024-07-08T03:06:02","slug":"dollar-reserves-slip-to-104-7-billion-in-june","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/dollar-reserves-slip-to-104-7-billion-in-june\/","title":{"rendered":"Dollar reserves slip to $104.7 billion in June"},"content":{"rendered":"
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THE PHILIPPINES\u2019 gross <\/span>inter<\/span>national reserves (GIR) <\/span>dipped by 0.3% month on month in June, which the Bangko Sentral ng Pilipinas (BSP) governor partly attributed to its intervention in the foreign exchange market amid the peso\u2019s continued depreciation against the US dollar.<\/p>\n

Preliminary data from the BSP showed gross dollar reserves settled at $104.7 billion at end-June, slightly lower than $105.02 billion at end-May. <\/span><\/p>\n

Year on year, dollar reserves rose by 5.3% from $99.39 billion.<\/p>\n

\u201cThe month-on-month decline in the GIR level ref<\/span>lected mainly the National Government\u2019s (NG) payments of its foreign currency debt obligations and downward valuation adjustments in the BSP gold holdings due to the decrease in the price of gold in the international market,\u201d the central bank said.<\/p>\n

BSP Governor Eli M. Remolona, Jr.<\/span> said that the decrease in the end-June GIR level was partly due to the central bank\u2019s intervention in the foreign exchange market as the peso continued to weaken against the US dollar. <\/span><\/p>\n

\u201cIt\u2019s not all of it, but some of it,\u201d he told reporters late on Friday. \u201cAs I said before, we don\u2019t want the peso to depreciate very sharply. We don\u2019t have a target level for the peso. We just don\u2019t want it to depreciate sharply.\u201d<\/p>\n

The peso depreciated to P58.61 against the dollar as of end-June from P58.51 as of end-May. The local unit has been trading at the P58-per-dollar since May.<\/span><\/p>\n

As of end-June, the level of dollar reserves was enough to cover about 6.1 times the country\u2019s short-term external debt based on original maturity and 3.8 times based on residual maturity.<\/p>\n

It was also equivalent to 7.7 months\u2019 worth of imports of goods and payments of services and primary income.<\/p>\n

Ample foreign exchange buffers protect an economy from market volatility and ensure the country can pay its debts in the event of an economic downturn.<\/p>\n

Broken down, the central bank\u2019s foreign investments slipped by 0.04% to $89.49 billion at end-June from $89.52 billion in the previous month. On the other hand, investments increased by 7% year on year from $83.66 billion.<\/p>\n

Reserves in the form of gold were valued at $9.9 billion, lower by 1.1% from $10.02 billion as of end-May and down by 1% from $10.01 billion a year ago.<\/p>\n

Net foreign currency deposits declined by 17.8% to $790.6 million as of end-June from $962.3 million a month earlier. It likewise fell by 31.9% from $1.16 billion as of end-June in 2023.<\/p>\n

Net international reserves slipped by 0.3% to $104.69 billion at end-June from $104.98 billion at end-May.<\/p>\n

Net international reserves are the dif<\/span>ference between the BSP\u2019s reserve assets or GIR and reserve liabilities, such as short-term foreign debt and credit and loans from the International Monetary Fund (IMF).<\/p>\n

Meanwhile, the country\u2019s reserve position in the IMF edged up by 0.4% to $740.4 million at end-June from $737.2 million at end-May.<\/p>\n

Special drawing rights, or the amount the country can tap from the IMF, was unchanged at $3.77 billion.<\/p>\n

\u201cThe BSP has previously (said) that the agency is actively but not openly intervening in the market not only to stabilize the value of the Philippine currency but also to stem the inflation that is associated with the depreciation,\u201d Leonardo A. Lanzona, Jr., an economics professor at the Ateneo de Manila University said in an e-mail.<\/p>\n

Mr. Lanzona said the problem with this intervention is that it leads to greater dependency on imports.<\/p>\n

\u201cThese can also lead to short-term speculative investments instead of long-term investments that can improve domestic productive capacity,\u201d he added.<\/span><\/p>\n

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that despite the month-on-month decline, the GIR level has stayed above the $100-billion mark for a ninth straight month, which is a \u201cgood signal.\u201d<\/p>\n

\u201cFor the coming months, the country\u2019s GIR could still be supported by the continued growth in the country\u2019s structural in<\/span>f<\/span>lows from overseas Filipino worker remittances, business process outsourcing revenues, exports (though offset by imports), relatively fast recovery in foreign tourism revenues, as well as continued foreign investment\/FDI in<\/span>f<\/span>lows coming from among pre-pandemic highs,\u201d he added.<\/span><\/p>\n

The BSP expects the GIR level to settle at $104 billion by yearend. \u2014 Luisa Maria Jacinta C. Jocson<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE PHILIPPINES\u2019 gross international reserves (GIR) dipped by 0.3% month on month in June, which the Bangko Sentral ng Pilipinas (BSP) governor partly attributed to its intervention in the foreign exchange market amid the peso\u2019s continued depreciation against the US dollar. Preliminary data from the BSP showed gross dollar reserves settled at $104.7 billion at [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[18655,3547,14644,3618,3480,15476,17392],"class_list":["post-19648","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-104-7","tag-billion","tag-bworldonline","tag-dollar","tag-june","tag-reserves","tag-slip"],"yoast_head":"\nDollar reserves slip to $104.7 billion in June - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/dollar-reserves-slip-to-104-7-billion-in-june\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar reserves slip to $104.7 billion in June - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE PHILIPPINES\u2019 gross international reserves (GIR) dipped by 0.3% month on month in June, which the Bangko Sentral ng Pilipinas (BSP) governor partly attributed to its intervention in the foreign exchange market amid the peso\u2019s continued depreciation against the US dollar. 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