MANILA: The country’s gross international reserves (GIR) settled at USD102.7 billion as of end-February, the Bangko Sentral ng Pilipinas (BSP) said.
In a statement released late Thursday, the BSP said that preliminary data showed that the GIR level during the month was lower than end-January’s USD103.3 billion.
The BSP’s reserve assets consist of foreign investments, gold, foreign exchange, reserve position in the International Monetary Fund (IMF), and special drawing rights.
“The month-on-month decrease in the GIR level reflected mainly the National Government’s (NG) payments of its foreign currency debt obligations,” the central bank said.
The BSP noted that the net international reserves, which refers to the difference between the central bank’s reserve assets (GIR) and reserve liabilities (short-term foreign debt and credit and loans from the IMF), also slightly decreased to USD102.66 billion from the end-January level of USD102.68 billion.
“The latest GIR level represents a more-than-adequate extern
al liquidity buffer equivalent to 7.7 months’ worth of imports of goods and payments of services and primary income,” the BSP said.
It is also about six times the country’s short-term external debt based on original maturity and 3.9 times based on residual maturity.
By convention, the GIR is viewed to be adequate if it can finance at least three months’ worth of the country’s imports of goods and payments of services and primary income.
Source: Philippines News Agency
Can Tho: Authorities of Can Tho and a delegation from Germany’s Wernigerode city led by Mayor Tobias Kascha agreed to strengthen cooperation in various fields, with a focus on sustainable green tourism, during a working session in the Mekong Delta city on March 8.
Vice Chairman of the municipal People’s Committee Duong Tan Hien said Can Tho boasts a strong agricultural sector, with 80% of its land for farming (nearly 115,000 ha). The city is a hub for services and tourism, with rice, seafood, fruit trees and animal farming forming the backbone of its agricultural industry.
Last year, the city accommodated roughly 6 million visitors, generating a revenue of 5.42 trillion VND (225.8 million USD). Leveraging the advantages provided by the Government’s pilot specific policies and mechanisms for Can Tho’s development, the city aims to maximise its potential and become a stronger economic force.
Hien emphasised the mutual benefits of increased agricultural cooperation between Wernigerode and Can Tho, saying that
it aligns perfectly with Can Tho’s strategic focus on developing its services- tourism.
The city commits all possible support for firms from Germany, particularly those from Wernigerode to do business there, he said.
Hien wished that Mayor Kascha would act as a bridge, facilitating information exchange and business opportunities for Can Tho enterprises seeking to expand into Wernigerode.
Mayor Kascha expressed his desire for deeper cooperation across various sectors. He highlighted Germany’s existing twinning relationships with Ho Chi Minh City and Hoi An, which he believes provide a solid foundation for further locality-to-locality partnerships between Vietnam and Germany.
Wernigerode, like Can Tho, prioritises tourism as a key economic driver, he said, noting the German city’s extensive experience in sustainable green tourism models. He expressed his willingness to share this expertise with Can Tho while learning from the Mekong Delta city’s successful models, particularly those focusing on green touris
m adaptable to climate change.
According to the municipal Department of Foreign Affairs, Can Tho exported 18.15 million USD worth of goods to Germany last year, with rice, aquatic products, agricultural and processed agricultural products, apparel and handicrafts as key currency earners. Its imports from Germany reached 260,000 USD, mostly pharmaceutical materials, machinery and equipment./.
Source: Vietnam News Agency