Forex reserves hit record-high $112 B

The country's foreign exchange buffer rose for a fifth straight month in September, reaching an all-time high of $112 billion on the back of higher foreign borrowings by the national government and rising gold prices in the world market.

- By KEISHA TA-ASAN

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed the country's gross international reserves (GIR) as of end-September was 3.8 percent higher than the $107.9 billion recorded as of end-August.

"The month-on-month increase in the GIR level reflected mainly the national government's net foreign currency deposits with the BSP, which include proceeds from the issuance of ROP (Republic of the Philippines) global lic of the Philippines) global bonds," the BSP said.

Data showed foreign currency deposits stood at $2.03 billion as of end-September, more than double the $789.5 million as of end-August. It was also 142 percent higher than the $834.4 million a year ago.