The country’s gross international reserves (GIR) climbed to a record high of US$39.99 billion as of end-July 2009, higher by US$496 million than the end-June 2009 level of US$39.49 billion, Bangko Sentral ng Pilipinas Officer-in-Charge Nestor A. Espenilla, Jr. announced today.
The increase in the preliminary end-July 2009 GIR level was due mainly to deposits by the National Government (NG) of proceeds from its second global bond issue for the year, valuation gains in the BSP’s gold holdings arising from the higher price of gold in the international market in July 2009, foreign currency deposits by the Authorized Agent Banks (AABs), as well as income from the BSP’s investments abroad. These receipts were partly offset by outflows arising from the repayment of maturing foreign exchange obligations of the NG and the BSP.
The current GIR level could cover 6.9 months of imports of goods and payments of services and income. It was also equivalent to 6.3 times the country’s short-term external debt based on original maturity and 3.2 times based on residual maturity. 1/
The level of net international reserves (NIR), which includes revaluation of reserve assets and reserve-related liabilities, increased by US$696 million to US$39.16 billion as of end-July 2009 from the previous month’s level of US$38.47 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.