PHL foreign reserves top $80B, a new record

The Philippine gross international reserves (GIR) widened to a new record of $80.78 billion in August, boosted by central bank income from foreign investments and loans incurred by the national government.   The August GIR compares with $79.76 billion in July and $75.94 billion in August 2011, Bangko Sentral ng Pilipinas (BSP) data showed.   The foreign reserves last August could cover 11.89 months worth of Philippine imports and 6.6 times the country’s maturing foreign debt.   “The significant rise in the end-August 2012 GIR level was due mainly to the foreign exchange operations and income from investments abroad by the BSP,” the central bank said in a statement Friday.   Higher gold prices helped widen the GIR in August, Bangko Sentral. “About $10.5 billion of the GIR consist of gold holdings. — VS, GMA News