THE Bangko Sentral ng Pilipinas (BSP) expects an increase in gross international reserves (GIR) this year on the back of its positive outlook on foreign portfolio investment flows.

“In the case of gross international reserves, the projection for this year has been revised upward to $83 billion from $77 billion back in November. That largely reflects the continued inflows through the current account, as well as the recovery in portfolio flows,” BSP Department of Economic Research Director Dennis Lapid said in a briefing last Friday.