The country's gross international reserves (GIR) surged to US$66.2 billion as of end-March 2011, higher by US$2.3 billion compared to the end-February 2011 GIR level of US$63.9 billion, Bangko Sentral ng Pilipinas (BSP) Officer-in-Charge Juan de Zuñiga, Jr. announced today.
The appreciable build-up in the GIR level was due mainly to foreign exchange inflows coming from the proceeds of the National Government's (NG) global bond issuance on 30 March 2011, foreign exchange operations and income from investments abroad of the BSP, and revaluation gains on the BSP's gold holdings on account of rising gold prices. These inflows were partially offset, however, by payments for maturing foreign exchange obligations of the NG.
The preliminary end-March 2011 GIR could cover 10.2 months worth of imports of goods and payments of services and income. It was also equivalent to 10.5 times the country's short-term external debt based on original maturity and 5.9 times based on residual maturity. 1
Net international reserves (NIR), which include revaluation of reserve assets, reached US$66.2 billion as of end-March 2011, up by US$2.3 billion compared to the end-February 2011 NIR of US$63.9 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.