The Bangko Sentral ng Pilipinas (BSP) cut its 2015 Gross International Reserves (GIR) target due in part to the slower growth of remittances from Filipinos overseas.
To date, the Central Bank’s GIR target for the year is USD 80.7 billion, down from the USD 81.6 billion made last May.
BSP Governor Amando Tetangco Jr., earlier traced the lower foreign reserves level to revaluation of the Central Bank’s Gold Holdings due to drop in the price of gold in the international market.
Another factor was the payment by the national government of its foreign currency-denominated debt.
He, however, stressed that the current level of GIR was enough to cover 10.3 month’s worth of imports of goods and payments of services and income.
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