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End-March 2010 GIR Hits US$46.0 Billion Mark

04.07.2010

The country’s gross international reserves (GIR) level as of end-March 2010 rose to US$46.2 billion, higher by about US$400 million than the end-February 2010 level of US$45.8 billion, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. announced today.  

The increase in the preliminary GIR level was due primarily to inflows from the foreign currency deposits by the National Government (NG) and authorized agent banks (AABs) as well as income from the BSP’s investments abroad.  The NG’s deposits consisted mainly of proceeds from the issuance of Samurai Bonds and other foreign borrowings.  These receipts were, in turn, offset by outflows arising from the payment of maturing foreign exchange obligations of the National Government.

The current GIR level could cover 9.1 months of imports of goods and payments of services and income.  It is also equivalent to 11.5 times the country’s short-term external debt based on original maturity and 5.2 times based on residual maturity.1  

Net international reserves (NIR), which include revaluation of reserve assets and reserve-related liabilities, likewise rose to US$46.2   billion as of end-March 2010, up by US$400 million from the previous month’s level of US$45.8 billion.  NIR refers to the difference between the BSP’s GIR and total short-term liabilities.

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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

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