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End-May 2012 GIR Level Reaches US$76.0 Billion


Preliminary data showed that the country’s gross international reserves (GIR) stood at US$76.0 billion as of end-May 2012, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. announced today. This was lower by US$0.5 billion compared to the end-April 2012 level of US$76.5 billion.  The end-May 2012 GIR could adequately cover 11.4 months worth of imports of goods and payments of services and income.  It is also equivalent to 10.8 times the country’s short-term external debt based on original maturity and 6.6 times based on residual maturity.2

The slight decline in end-May 2012 GIR level resulted mainly from disbursements arising from payments by the National Government for its maturing foreign exchange obligations as well as revaluation losses on the BSP’s gold holdings due to the decline in the price of gold in the international market.  These outflows were partially offset, however, by inflows from foreign exchange operations and income from investments abroad of the BSP as well as foreign currency deposits by authorized agent banks (AABs). 

Net international reserves (NIR), which include revaluation of reserve assets, decreased by US$0.5 billion to reach US$76.0 billion as of end-May 2012, compared to the end-April 2012 NIR of US$76.5 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.
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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