ASEAN KEY DESTINATIONS
Philippines central bank raises reserves
The revision came after BSP data showing the end-September GIR hitting $53.54 billion, surpassing the full-year projection by 7.08 percent.
The BSP attributed the increase in the country's GIR to its foreign-exchange operations, income from investments abroad and proceeds from the national government's foreign borrowing.
In September, the Philippine government raised $1 billion from its peso-denominated global bond issuance, with tenders reaching more than $13 billion.
Revaluation gains on the BSP's gold holdings also contributed to the growth in the country's reserves.
"We are mandated under the law to buy gold from small miners. This gold is produced locally," Tetangco told reporters.
BSP's gold holdings, the price of which increased in the international market, grew 47.5 percent to $7.39 billion at end-September from $5.01 billion in the same period last year.
About 13 percent of the GIR is in US dollars, the central bank said.
The BSP holds international reserves for the foreign-exchange requirements of the country in case the domestic commercial banks' supply of the greenback 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.
An ample GIR level helps prop up the peso and keeps domestic inflation at bay.
The current GIR level could cover 9.4 months worth of imports of goods and payments of services and income.
At its current level, the GIR could also pay 9.7 times over the country's short-term external debt based on original maturity and 5.3 times based on residual maturity.
BSP officials had said that an adequate reserves level has become uncertain given the current economic situation.
With the recent developments, the policy-making Monetary Board is likely to announce new forecasts for the country's external payments position when it meets on November 18.
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