The country’s gross international reserves (GIR) as of end-November 2001 amounted to $14.810 billion, $413 million or about 3 percent higher than the level a month ago. At this level, reserves can adequately cover 4.4 months worth of imports of goods and payment of services and income. Using other reserve coverage measures, the level of reserves was more than twice the amount of the country’s short-term foreign liabilities based on original maturity. Reserves could also cover 130 percent of short-term obligations based on residual maturity
Reserves during the period were boosted mainly by the BSP’s issuance of $550 million worth of four-year fixed-rate notes as well as receipts of investment income. The increase in reserves was partly offset, however, by the servicing of foreign exchange requirements of the National Government and the BSP.
The BSP’s net international reserves (BSP-NIR) as of end-November 2001 improved to $10.525 billion from $10.086 billion a month ago.