End-May GIR down to $103.52 billion

ON account of national government debt payments and decreased gold prices, the country's gross international reserves (GIR) plummeted to a 20-month low of $103.52 billion at the end of May. The GIR was 1.77 percent lower than the $105.40 billion reported at the end of April and 3.47 percent lower than the $107.25 billion reported a year earlier, according to preliminary numbers issued by the Bangko Sentral ng Pilipinas (BSP) on Tuesday night. It was the lowest since September 2020, at $100.44 billion.

The country's gold reserves were $9.02 billion at the end of May, down from $9.27 billion a month earlier, according to the report.