The country’s gross international reserves (GIR) as of end-December 2000 increased to $15.02 billion, 3.66 percent higher than the end-November level of $14.49 billion. The end-2000 GIR level was adequate to cover 4.5 months of imports of goods and services.
The rise in reserves in December was attributed mainly to the national government’s (ng) deposit of foreign exchange proceeds from its RP note issue and the BSP’s own foreign exchange operations. Meanwhile, debt service payments by both the NG and the BSP partly offset the build-up in reserves.
The BSP’s net international reserves (BSP-NIR), defined as the difference between the BSP’s total foreign assets and its short-term foreign liabilities (including use of fund credits), amounted to $11.35 billion as of end-December 2000.