Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

Home  >>   Daily News  >>   Philippines  News  >>   Economy  >>   Forex reserves climb to new record
NEWS UPDATES Asean Affairs        8  April 2011

Forex reserves climb to new record

Related Stories

April 7, 2011
Philippine manufacturers to pay less tax

April 2, 2011
Philippines central bank BSP mulls rate hike

April 1 , 2011
Philippines consumer sentiment fades

March 24, 2011
Philippine growth rate revised

March  22, 2011
Philippines kicks off bond sale

March  10, 2011
Slower growth forecast for Philippines

The Philippine’s foreign exchange reserves surged by almost half to register a new high in the first quarter of the year, the Bangko Sentral ng Pilipinas (BSP) said on Thursday.

In a statement, the BSP said the country’s gross international reserves (GIR) jumped by 45.55 percent to US$66.2 billion at end-March from $45.599 billion in the same three-month period in 2010.

Deputy Gov. Juan de Zuniga Jr. said the appreciable buildup in the GIR level was mainly because of the proceeds of the national government’s global bond issuance—composed of the $1.5-billion dollar-denominated bonds and $1.25-billion peso-denominated bonds—the BSP’s foreign exchange operations, income from investments abroad and revaluation gains on the central bank’s gold holdings on account of rising prices.

Gold holdings of the central bank appreciated by19 percent to reach $7.08 billion at end-March from $5.951 billion in the same period in 2010.

Foreign investments surged by 51 percent to $57.186 billion from $37.891 billion last year, while receipts from foreign exchange operations fell 19.45 percent to $418.29 million from $519.31 million in 2010.

These inflows were partly offset by payments for maturing foreign exchange obligations of the national government, the BSP said.

The end-March dollar reserves could cover 10.2-months of imports of goods and payments of services and income. They are also equivalent to 10.5 times the country’s short-term external debt based on original maturity and 5.9 times based on residual maturity.

Excluding short-term liabilities, the country’s ne international reserves reached $66.2 billion, up by $2.3 billion from the end-February’s $63.9 billion.

The BSP holds international reserves for the foreign exchange requirements of the country in case the domestic commercial banks’ supply of the greenback and other convertible currencies falls short of demand.

The foreign assets that the BSP holds are mostly in the form of investments in foreign-issued securities, monetary gold and foreign exchange, of which 13 percent is in US dollars.

Monetary authorities are looking at the country’s GIR level this year to reach $68 billion to $70 billion.


Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
  Online Ad Rates
Contact: marketing@aseanaffairs.com

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below
Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code



 
Today's  Stories    8  April 2011 Subsribe Now !
 • Asean finance ministers discuss “Hot Money” Subcribe: Asean Affairs Global Magazine
• Thailand, Cambodia reach agreement on border Asean Affairs Premium
• NGOs criticize Cambodian draft law
Research Reports
on Thailand 2007-2008

•Textiles and Garments Industry

•Coffee industry

•Leather and footwear industry

•Shrimp industry

 
• Malaysia mass rapid transit on schedule
• Forex reserves climb to new record

• Disasters hit Thai SMEs

• African NGOs criticize developed countries 

• Vietnamese tra fish industry must restructure p

Asean Analysis    April 2011

Advertise Your Brand

• Deforestation in Asean yields predictable results

Sponsor Our Events

Asean Stock Watch    April 2011

p

• Asean Stock Exchange News

p

Global News Impacting Asia    17 November 2010

p

• Bank of America sees Asian inflation

p

• Lloyd’s increases insurance push in Malaysia

p

• Wells Fargo analyst on euro

p

• Obama’s visit to Asia

p

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent

• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore
• Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline
• Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com