The country’s gross international reserves (GIR) stood at US$39.5 billion as of end-April 2009, US$424 million higher than the end-March 2009 level of US$39.0 billion, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. announced today.
The increase in the preliminary end-April 2009 GIR level was due mainly to inflows from the BSP’s net foreign exchange operations and income from its investments abroad, as well as foreign currency deposits by the Authorized Agent Banks (AABs) and by the National Government (NG). These receipts were offset by outflows arising from the repayment of maturing foreign exchange obligations of the NG and valuation losses in the BSP’s gold holdings due to the lower price of gold in the international market in April 2009.
The current GIR level could cover 6.3 months of imports of goods and payments of services and income. It was also equivalent to 5.6 times the country’s short-term external debt based on original maturity and 3.0 times based on residual maturity. 1
The level of net international reserves (NIR), which includes revaluation of reserve assets and reserve-related liabilities, likewise increased to US$37.9 billion as of end-April 2009 from the previous month’s level of US$37.5 billion. NIR refers to the difference between the BSP’s GIR and total short-term liabilities.
1 Short-term debt based on residual maturity refers to outstanding external debt with original maturity of one year or less, plus principal payments on medium- and long-term loans of the public and private sectors falling due within the next 12 months.