MikeLigalig.com

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Posted on June 07, 2013 09:09:01 PM


THE COUNTRY’S gross international reserves (GIR) shrank anew last month to $82.892 billion, the Bangko Sentral ng Pilipinas (BSP) reported on Friday, with falling gold prices again partly responsible.

The end-May result was down from the $83.213 billion as of April, which was also lower than the $83.95 billion recorded in the first three months of the year.

“The slight decline in the reserves was due mainly to revaluation adjustments on the BSP’s gold holdings arising from the decrease in the price of gold in the international market...,” the central bank said in a statement.

Gold accounted for $8.642 billion as of May -- the lowest since December 2011’s $8.013 billion. It was also 21.74% lower than the record $11.043 billion in September 2012.

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“These outflows were partially offset by inflows from the foreign exchange operations and income from investments abroad of the BSP as well as foreign currency deposits by the national government,” the central bank said.

Broken down, the BSP’s foreign investments comprised bulk of GIR at $71.507 billion, while special drawing rights accounted for $1.27 billion.

Foreign exchange comprised $948.98 million and reserve positions, $523.76 million.

From a year earlier, meanwhile, the end-May GIR level was up 8.95%.

It also comprised 96.39% of the BSP’s full-year forecast of $86 billion just five months into 2013.

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