BUSINESS
Advocates Philippines
BSP Cashes In On Gold Amid Rising Prices, Boosts International Reserves To $107.9 Billion
Photo credit: BSP
The Bangko Sentral ng Pilipinas (BSP) made strategic gold sales in the first half of the year, taking advantage of higher market prices to boost income without compromising the primary purpose of holding gold—insurance and safety.
Despite these sales, the country’s gross international reserves (GIR) remain robust, climbing to $107.9 billion by the end of August 2024, up from $103.8 billion in December 2023. The GIR provides a strong external liquidity buffer, equivalent to 7.8 months' worth of imports and 6.0 times the country’s short-term external debt based on original maturity.
This move by the BSP highlights its active management of the country's gold reserves while maintaining the safety and stability of its financial position.
Despite these sales, the country’s gross international reserves (GIR) remain robust, climbing to $107.9 billion by the end of August 2024, up from $103.8 billion in December 2023. The GIR provides a strong external liquidity buffer, equivalent to 7.8 months' worth of imports and 6.0 times the country’s short-term external debt based on original maturity.
This move by the BSP highlights its active management of the country's gold reserves while maintaining the safety and stability of its financial position.
Sep 27, 2024
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