At the end of February, the Philippine dollar reserve fell to $99.3 billion

According to the Philippine "Business World" report on March 9, the Philippine Central Bank recently said that due to the increase in foreign debt payments of the Philippine government this month, the US dollar reserves decreased slightly. By the end of February, the total international reserves (GIR) of the Philippines had dropped by 1.4% from US $100.67 billion at the end of January to US $99.3 billion, down 7.9% from US $107.8 billion at the same period last year; Foreign currency deposits fell 74.8% to 532.8 million US dollars from 2.12 billion US dollars at the end of January, down 11.8% from 604.2 million US dollars in the same period last year; Due to the decline of gold prices in the international market, the Philippine gold reserves fell by 4.8% to US $9.33 billion from US $9.8 billion at the end of January, down 2.7% from US $9.59 billion in the same period last year. The level of total international reserves at the end of February can cover the country's 7.5 months of commodity imports and cross-border services, which is also equivalent to 6.1 times (calculated by the original term) and 4.1 times (calculated by the remaining term) of the country's short-term foreign debt. The Philippine Central Bank expects that the GIR level will fall to US $93 billion by the end of 2023.