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End-November 2010 GIR Climbs to All-Time High of US$61.3 Billion


Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed that the country’s  gross  international reserves rose to an all-time high of US$61.3 billion as of end-November 2010, higher by US$4.1 billion than  the  previous month’s level of US$57.2 billion, BSP Governor Amando M. Tetangco, Jr. announced today.  With sustained foreign exchange inflows stemming from merchandise exports, services receipts, overseas Filipinos’ remittances and investments, the reserves grew to a level that could cover 10.7 months worth of imports of goods and payments of services and income.  The end-November GIR level was also sufficient to cover 11.2 times the country’s short-term external debt based on original maturity and 6.0 times based on residual maturity. 1

The significant build-up in the reserves level was due to inflows from the BSP’s foreign exchange operations and income from investments abroad as well as revaluation gains on the BSP’s gold holdings.  In turn, BSP’s foreign exchange operations were supported by sustained foreign exchange inflows from exports, overseas remittances, business process outsourcing revenues and foreign investments, both direct and portfolio. These inflows were partially offset, however, by payments for maturing foreign exchange obligations of the National Government (NG) and the BSP, and foreign currency withdrawals by authorized agent banks (AABs) and the Power Sector Assets and Liabilities Management Corporation (PSALM).   

Net international reserves (NIR), which include revaluation of reserve assets and reserve-related liabilities, stood at US$61.3 billion as of end-November 2010, compared to the previous month’s level of US$57.1 billion.  NIR refers to the difference between the BSP’s GIR and total short-term liabilities.


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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