PH FDI net inflows increases to $8.93-B in 2024
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NewsTranscript
00:00The country's dollar reserves hit a tad over $106.5 billion last month, a 3.3% uptick from
00:08the month of January this year, and a shade over 4.5% more than last year's.
00:14The surge is in large part due to foreign investment earnings, higher gold value, and
00:19governments' yield in foreign bank deposit interests.
00:23Foreign investments posted an amount in excess of $89.4 billion, while gold reserves amounted
00:31to $12.5 billion.
00:33For a clearer perspective, the BSP said the gold reserves can bankroll seven and a half
00:38months of the country's imports and 3.8 times the country's short-term IOUs.
00:44The country's gold reserves help keep the economy afloat and is backed up by OFW remittances,
00:51foreign investments, and BPO revenues.
00:54And the BSP expects the country's gold reserves to hit $110 billion this year, buoyed by better
01:00economic conditions and a better overall exchange rate for the year.