Philippines' gross international reserves increased to US$39.46 billion in April from US$39.04 billion in March, the Bangko Sentral ng Pilipinas said Thursday. The central bank said the present reserves are sufficient to finance 6.3 months of imports, higher than the 6.22 months in March.
The increase in foreign exchange was mainly due to inflows from the central bank's net foreign exchange operations, increase in investments abroad and growth in the foreign currency deposits.
During the month, the reserve position in the fund improved to US$131.31 million from US$131.06 million in March. Moreover, foreign investments rose to US$34.1 billion in April from US$33.4 billion in the previous month.
At the same time, the foreign currency reserves dropped to US$787.26 million from US$937.69 million in the preceding month. Gold reserves decreased to US$4.4 billion from US$4.5 billion, and SDRs reduced to US$10.09 million from US$10.1 million.
Meanwhile, the net international reserves widened to US$37.9 billion at the end of April from the previous month's level of US$37.5 billion. The net international reserve is the difference between the gross international reserves and the total short-term liabilities.
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