Gross International Reserves
The Philippines' gross international reserves (GIR) took a huge decline as it reached US$77.68 billion in June 2018, the lowest reserve for the past six (6) years. The GIR dropped by US$1.53 billion from US$79.20 billion in May to US$77.68 billion in June, which could adequately cover 7.5 months’ worth of imports of goods and payments of services and income.
Net international reserves – the difference between the GIR and total short-term liabilities – also fell to US$77.65 billion as of end-June, compared to the end-May level of US$79.18 billion.
The country’s gold holdings declined by US$283.40 million from US$8.20 billion in end-May to US$7.91 billion in end-June. On the other hand, its foreign currency reserves increased from US$5.46 billion in end-May to US$5.61 billion in end-June.