The country’s gross international reserves (GIR) stood at $15.908 billion as of end-September 2004, slightly lower compared to last month’s level of $16.001 billion. The end-September GIR level was adequate to cover about 4.3 months of imports of goods and payments of services and income. This level was also equivalent to 2.4 times the country’s short-term debt based on original maturity and 1.4 times based on residual maturity. Short-term debt based on residual maturity refers to outstanding short-term external debt on original maturity plus principal payments on medium- and long-term loans of the public and private sectors falling due within the next 12 months.
The slight decline in the GIR was due mainly to the debt service requirements of the National Government (NG) and the BSP. These were partly mitigated, however, by the NG’s deposit with the BSP of proceeds from the reopening of its Global Bond issue ($1.037 billion).
The BSP’s net international reserves (BSP-NIR) as of end-September 2004, inclusive of revaluation of reserve assets and reserve-related liabilities rose to $14.017 billion, up by $182 million compared to the end-August 2004 level of $13.834 billion.