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End-February 2012 GIR Level Rises to US$77.7 Billion


The country’s preliminary gross international reserves (GIR) as of  end-February 2012 rose to US$77.7 billion, higher by US$0.4 billion compared to the end-January 2012 GIR of US$77.3 billion, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. announced today.1 

Contributing to the build-up in the reserves level were:  foreign currency deposits by the National Government (NG) of the proceeds of a program loan from the Asian Development Bank, foreign currency deposits by authorized agent banks (AABs), and foreign exchange operations and income from investments abroad by the BSP.  These inflows were partially offset, however, by payments for maturing foreign exchange obligations of the NG and the BSP as well as revaluation losses from the BSP’s gold holdings arising from the decline in the prices of gold in the international market in February.

The end-February 2012 GIR could cover 11.5 months worth of imports of goods and payments of services and income.  It was also equivalent to 10.9 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, rose  by  US$0.4 billion to reach US$77.7 billion as of end-February 2012, compared to the end-January 2012 NIR of US$77.3 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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