January’s reserves can cover 10.3 months worth of imports and equal to 5.7 times short-term foreign debt based on residual maturity.
The rise in reserves was mainly due to the net foreign currency deposits of the national government, adjustments in the value of the central bank's gold holdings and foreign currency-denominated reserves and its income from overseas investments.
December’s reserves, meanwhile, were revised to $79.541 billion from the earlier reported figure of $79.805 billion.
The Philippines was the second fastest-growing economy in Asia after China in 2014, having gathered momentum in the final quarter of the year.
BSP Governor Amando Tetangco said last month the central bank was prepared to act to manage volatility in financial markets, even as he reiterated that authorities will let market forces determine the exchange rate.
The peso has gained 1.26 percent against the US dollar so far this year, making it Asia's third best performing currency after the rupee and yen. -- With Reuters
source: www.abs-cbnnews.com
