THE country’s gross international reserves (GIR) posted a new three-year low in May, with the Bangko Sentral ng Pilipinas (BSP) attributing the drop to its foreign exchange operations, government debt payments and lower gold prices.

Central bank data released on Thursday showed the Philippines’ foreign exchange reserves at $78.96 billion, down 0.80 percent from April and also lower compared to the $82.17 billion recorded a year earlier.