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Philippines gross global reserves hit $43.18 billion |
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MANILA (Commodity Online) : The Philippines’s gross international reserves rose to a record $43.18 billion last month from the revised September level of $42.53 billion, said country’s central bank.
In a report issued here, Bangko Sentralng Pilipinas (BSP) said the increase was due mainly to inflows of proceeds from the government's third global bond issuance for 2009, a loan from the Asian Development Bank, revaluation gains on the BSP's gold holdings, and income from the central bank's investments abroad.
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The latest GIR was enough to cover 8 months worth of the Philippines' import requirements. It was also equivalent to 9.1 times the country's short-term external debt based on original maturity and 4 times based on residual maturity.
Short-term debt based on residual maturity refers to outstanding external debt with original maturity of one year or less, plus principal payments on medium- and long-term loans of the public and private sectors falling due within the next 12 months.
BSP Governor Amando Tetangco earlier said that the GIR could reach $42 to $43 billion by the end of this year, and $47 billion by the end of 2010.
He said money sent home by overseas Filipinos would also boost the country's foreign exchange reserves.
Tetangco forecast remittances to grow 4% this year, higher than the BSP's previous forecast of flat growth from a record $16.4 billion in 2008
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| Technical Calls |
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Gold can touch $1,225 per ounce by next week |
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What Eric is saying here also lies in the shortening of the steps in the stair step gold action. At new highs, such as now, this formation is a rare set up suggesting an exponential rise.
Rev. Doug, who is no slouch when it comes to gold, anticipat |
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Gold price will double $1,150: Jim Rogers |
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The most bullish investor on gold these days seems to be the global commodities investor Jim Rogers. Rogers, based in Singapore, and a big investor in the Chinese commodities market says, gold price should double the current $1,150 per ounce level. |
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Gold price to average $1,140: Barclays Capital |
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Barclays Capital says gold prices will average $1,140 per ounce in 2010, says Barclays Capital. "We expect prices to maintain their upward momentum through to at least the first half of 2010, where we expect prices to average $1,140 in the second qu |
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Crude oil futures continued to trade down in mid London trade Friday as the US dollar strengthened against the major currencies apart from a dip in the global equities. |
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Gold futures fell in negative zone as dollar gathered some strength in mid London trades. Dollar typically strengthens when there are less data releases from US. |
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MCX Comdex was up by 2.35% to 2694.17. MCX Energy was down by 0.22% to 2651.55, MCX Metal was up by 3.70% to 3226.02 and MCX Agri was up by 4.84% to 2255.10. |
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