MANILA, Philippines—The Philippines’ total dollar holdings declined slightly in June as the government repaid some foreign debt and the value of gold, which forms part of the reserves, declined in the international market, according to the Bangko Sentral ng Pilipinas (BSP).
In a statement, the BSP said its gross international reserves, based on preliminary data, settled at $106.08 billion as of end-June 2021 from the end-May 2021 level level of $107.25 billion.
The BSP said these factors trimmed the government’s dollar stash:
Downward adjustment in value of gold holdings as a result of global price decline
Foreign currency withdrawals of the national government to pay for…
Keep on reading: Gov’t debt payments, gold price drop trim PH’s dollar stash in June