The Philippines’ gross international reserves rose to $108.8 billion in September, the highest in 11 months, as higher gold prices boosted the value of the central bank’s holdings.
The figure climbed from $107.1 billion in August, reflecting gains from global gold prices, investment income, and foreign currency deposits by the national government, the Bangko Sentral ng Pilipinas said Tuesday.
The reserves-composed of foreign securities, exchange holdings, and gold-serve as a buffer against external shocks, helping the country meet import and debt payments and stabilize the peso.
The latest level is enough to cover 7.3 months’ worth of imports and payments for services and primary income, the central bank said.