The country’s gross international reserves (GIR) as of end-September 2001 stood at $14.542 billion, $307 million or 2.16 percent higher than the level a month ago. Reserves remained at a comfortable level, equivalent to 4.3 months worth of imports of goods and payments of services and income. The level of reserves was also more than twice the amount of the country’s short-term foreign liabilities based on original maturity, and could cover 133.2 percent of short-term obligations based on residual maturity.
Reserves during the period were boosted mainly by BSP’s availment of a $350 million loan from a foreign financial institution, as well as revaluation gains arising from the appreciation of BSP’s gold holdings following the increase in gold prices in the world market. The increase in reserves was partly negated, however, by the servicing of the maturing external obligations of the national government and the BSP.
BSP’s net international reserves (BSP-NIR) declined by $55 million to $10.286 billion as of end-September 2001 from $10.341 billion a month ago since the loan availment by the BSP resulted in a corresponding increase in the BSP’s short-term liabilities.