The Philippines’ dollar reserves fell to a three-month low in May as the national government withdrew from its deposits with the Bangko Sentral ng Pilipinas (BSP) to settle its debt obligations during the period.
The Philippines’ dollar reserves fell to a three-month low in May as the national government withdrew from its deposits with the Bangko Sentral ng Pilipinas to settle its debt obligations during the period.
This is the lowest in three months since the GIR — a measure of the ability to settle import payments and service foreign debt — hit $98.216 billion in February. The Bureau of the Treasury reported that the government’s running debt ballooned to a fresh record high ofGold holdings declined to $10.208 billion from $10.238 billion the previous month and from $9.026 billion the same month in 2022.
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