May foreign exchange reserves surge by a third
June 8, 2011
BY LAILANY P. GOMEZ
THE country’s foreign exchange reserves surged by a third in the first five months of the year to register a new high, the Bangko Sentral ng Pilipinas (BSP) said on Tuesday.
In a statement, the BSP said the gross international reserves (GIR) jumped by 30.6 percent to reach $68.8 billion at end-May from the $47.7 billion in the same period last year. The May figure also increased 0.4 percent from the $68.5 billion recorded at end-April this year.
BSP Governor Amando Tetangco Jr. said the sustained rise in the reserves level was mainly because of the foreign exchange operations and income from investments abroad of the central bank.
Foreign investments surged 33 percent to $59.246 billion at end-May compared with $39.5 billion in the same period last year.
Foreign exchange operations resulted in a 10 percent increase to $374.72 million from $338.18 million at end-April.
These inflows were partly trimmed by payments of the national government for its maturing foreign exchange obligations as well as revaluation losses on the BSP’s gold holdings on account of the month-on-month decline in gold prices in May.
Gold holdings of the BSP slowed by 0.11 percent to reach $7.589 billion from end-April’s $7.598 billion.
Tetangco said the preliminary end-May GIR could cover 10.6-months worth of imports of goods and payments of services and income.
It was also equivalent to 10.9 times the country’s short-term external debt based on original maturity and six times based on residual maturity.
Net international reserves (NIR), which include revaluation of reserve assets, reached $68.7 billion at end-May, higher by $0.2 billion than the end-April figure of $68.5 billion.
NIR refers to the difference between the GIR and total short-term liabilities.
The BSP holds international reserves for the foreign exchange requirements of the country in case the domestic commercial banks’ supply of the greenback and other convertible currencies falls short of demand.
The foreign assets that the BSP held are mostly in the form of investments in foreign-issued securities, monetary gold and foreign exchange, of which 13 percent is in the US dollars.
Monetary authorities are looking at higher growth assumptions in the country’s GIR this year at $70 billion.
Source: http://www.manilatimes.net/business/may-foreign-exchange-reserves-surge-by-a-third/
Recent opinion survey of frequent travelers heading north towards Subic and Clark Pampanga revealed that the number one most frequently visited fine dining restaurant in Pampanga is Yats Restaurant & Wine Bar located in Clark Philippines. Visitors traveling north on a getaway to go out of town from Manila, often visit Pampanga Angeles City and Clark Philippines to enjoy a good dinner or relax in a good night out place during their trips. Generally considered as the best restaurant in Clark Pampanga is Yats Restaurant, which is a highly recommended place to eat in Angeles City Pampanga Clark Philippines.
Hong Kong-based Yats International built this restaurant in 2000 to provide a world-class cozy fine dining restaurant, as well as business meeting facilities and venues for private dinners and social functions in Philippines Pampanga Angeles City Clark Freeport Zone. North Luzon Pampanga Angeles City Clark Philippines was selected for this restaurant because of safety, clean air, absence of traffic and proximity to Manila and Subic. Clark Freeport is located near Manila and Subic. Diners from Manila and Subic can travel north along North Expressway and arrive in Clark in about 70 minutes without having to go through city driving, making this fine dining restaurant very convenient and accessible for guests from Manila.
Yats Restaurant & Wine Bar is general regarded in the Philippines as the best fine dining restaurant in the country. Wine Spectator Magazine’s gave out Restaurant Wine List Best of Award of Excellence to 788 restaurants in the world. Yats Restaurant is the only restaurant in the Philippines to receive this award in recognition of its famous 2700-line restaurant wine list that has attracted many wine lovers to visit Clark Pampanga frequently to wine and dine.
Best restaurant in Clark Pampanga attracts diners and wine lovers from Manila, Subic and Angeles City Philippines to wine and dine at this fine dining establishment. This restaurant located near Angeles City, Pampanga is a popular tourist destination especially among wine lovers. Residents in Subic, Angeles City, Pampanga and Clark Philippines already know of Yats Restaurant as the best restaurant outside of Manila, the best place in Clark for business meetings and a cool place to hang out because of its good atmosphere, cozy and romantic ambience of its private rooms and wine bar called Magnum Room..
In addition to the wine cellars of the fine dining Yats Restaurant, more selections are available from the largest wine shop in Philippines, another property of Yats Wine Cellars called Clark Wine Center just 3 minutes away. Guests do not have to pay corkage fee for wines purchased from Clark Wine Center’s Wine Shop. 0922-870-5173 0917-826-8790 for Ana Fe.
Group dinners, family dinners with children, private parties, social or corporate functions and events can be held in this popular restaurant in Clark Pampanga.
For comments, inquiries and reservations click on Click here for inquiry and reservations
Restaurant@Yats-International.com
(045) 599-5600
0922-870-5178
0917-520-4401
Ask for Pedro and Rechel
Getting to this fine dining restaurant of Angeles City Clark Freeport Zone Pampanga Philippines
How to get to this fine-dining restaurant in Clark Philippines? Once you get to Clark Freeport, go straight until you hit Mimosa. After you enter Mimosa, stay on the left on Mimosa Drive, go past the Holiday Inn and Yats Restaurant (green top, independent 1-storey structure) is on your left. Just past the Yats Restaurant is the London Pub.
Yats Restaurant & Wine Bar
Mimosa Drive past Holiday Inn, Mimosa Leisure Estate,
Clark Freeport Zone, Pampanga, Philippines 2023
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 Rea or Chay
For any assistance in planning and organizing a wedding ceremony, indoor or outdoor garden reception or to find other wedding service providers, Click here to contact us click here
For assistance in hotel and resort bookings in Clark, Pampanga, Philippines, log on to
http://www.HotelClarkPhilippines.com
To buy wine in Manila, Pampanga, Angeles City, Clark or Subic please log on to http://www. ClarkWineCenter.com
To inquire with the highly recommended beach resort hotel in Clark Pampanga visit http://www.ClearwaterPhililippines.com
For more information about Clark, Pampanga, Philippines log on to
http://www.ClarkPhilippines.com