The country’s gross international reserves (GIR) reached US$17.337 billion as of end-May 2005, 3.7 percent higher compared to US$16.719 billion last month. The current GIR level, the highest since April 2002, was adequate to cover about 3.9 months of imports of goods and payments of services and income. This level was also equivalent to 3.7 times the country’s short-term debt based on original maturity and 1.8 times based on residual maturity. Short-term debt based on residual maturity pertains to outstanding short-term external debt on original maturity plus principal payments on medium- and long-term loans of the public and private sectors falling due within the next 12 months.
Inflows from deposit by the National Government of its proceeds from the reopening of Global Bonds largely boosted the end-May 2005 GIR. These inflows, however, were partly offset by the foreign exchange requirements for repayments of maturing NG and BSP obligations.
The BSP’s net international reserves (BSP-NIR) as of end-May 2005, inclusive of revaluation of reserve assets and reserve-related liabilities, expanded by 4.3 percent to US$16.258 billion from US$15.582 billion a month ago.