The Philippines' gross international reserves rose to a fresh record high in October, due mainly to inflows from the foreign exchange operations and investment income, the central bank said Wednesday.
The reserves increased for a fifth consecutive month to reach $82.09 billion in October from $82.03 billion at the end of September.
The level remains adequate to cover 11.9 months worth of imports of goods and payments of services and income, Bangko Sentral ng Pilipinas Officer-in-Charge Juan de Zuniga said.
The inflows from the forex operations and investment income were, however, offset by forex outflows for the payments by the national government of its maturing foreign exchange obligations, as well as revaluation losses on the central bank's gold holdings.
Net international reserves, which include revaluation of reserve assets, increased by $0.1 billion to $82.1 billion as of end-October.
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