The Philippines’ gross international reserves (GIR) expanded to 80.79 billion USD in August, the highest since December 2013, according to the local central bank (BSP).

The amount represented an increase of 141 million USD compared to the July figure. It is sufficient to cover 11 months of goods and services imports and equivalent to 7.9 times of the country’s short-term foreign debts.

The bank attributed the GIR growth to its earnings from foreign exchange and overseas investment activities as well as foreign currency deposits of the Treasury of Philippines (TOP).

The BSP has projected that the GIR of the Philippines will reach 85.3 billion this year, 2.7 billion USD lower than the initially estimated amount of 88 billion USD.-VNA