PHL intl reserves post record high of $64B in Feb.

The Philippines’ gross international reserves (GIR) widened to a record $63.95 billion as of end-February, from $45.76 billion in the same period last year, the Bangko Sentral ng Pilipinas (BSP) said Monday. GIR — which measures the country’s ability to engage in commercial transactions with the rest of the world — is the total amount of foreign currency reserves and gold kept by the central bank. BSP data showed that the GIR in February was $410 million higher than the $63.54 billion booked in January. The central bank said the increase in GIR last February can be attributed to higher income from the BSP’s investments abroad, gains from its gold holdings, and foreign exchange earnings. Central bank data showed that income from investments abroad totaled $55.15 billion in February, from $38.63 billion in the same period last year, while earnings from gold holdings increased to $6.97 billion, from $5.58 billion. Foreign exchange earnings rose to $333.64 million in February, from 306.43 million in the same month a year earlier, the data also showed. Depositary receipts from the International Monetary Fund inched up to P1.14 billion last month, from $1.11 billion in the comparative period last year, according to the bank. BSP data showed that the country’s GIR reached $62.37 billion as of end-December last year, from 44.24 billion in 2009. This year, the Bangko Sentral sees the GIR to reach a new record level of between $68 billion and $70 billion. — JE, GMA News