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End-November 2011 GIR Level Rises to US$76.3 Billion


The country’s preliminary gross international reserves (GIR) level as of end-November 2011 reached US$76.3 billion, higher by US$0.5 billion compared to the end-October 2011 GIR of US$75.8 billion, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. announced today.1   

The increase in the reserves level at end-November 2011 stemmed from the income from investments abroad and foreign exchange operations of the BSP, foreign currency deposits by authorized agent banks (AABs) and the National Government (NG), as well as revaluation gains on the BSP’s gold holdings.  These inflows were partially offset, however, by payments by the NG and the BSP for their maturing foreign exchange obligations. 
The end-November 2011 GIR could cover 11.2 months worth of imports of goods and payments of services and income.  It was also equivalent to 10.7 times the country’s short-term external debt based on original maturity and 6.5 times based on residual maturity.2   

Net international reserves (NIR), which include revaluation of reserve assets, increased by US$0.5 billion to reach US$76.3 billion as of end-November 2011, compared to the end-October 2011 NIR of US$75.8 billion.  NIR refers to the difference between the BSP’s GIR and total short-term liabilities. 

1 The final data on GIR are released to the public every 19th day of the month in the Statistics section of the BSP’s website under the Special Data Dissemination Standards (SDDS).  If the 19th day of the month falls on a weekend or is a non-working holiday, the release date shall be the working day nearest to the 19th.
2  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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