Preliminary data showed that the country’s gross international reserves (GIR) reached US$84.1 billion as of end-November 2012, higher by US$2.4 billion than the end-October 2012 GIR of US$81.7 billion, Bangko Sentral ng Pilipinas (BSP) Officer-in-Charge Juan de Zuñiga, Jr. announced today.1 The end-November 2012 GIR level can cover 12.2 months worth of imports of goods and payments of services and income. It was also equivalent to 12 times the country’s short-term external debt based on original maturity and 6.8 times based on residual maturity.2
Inflows from the foreign exchange operations and investment income of the BSP, foreign currency deposits by the National Government (NG) and authorized agent banks (AABs), as well as revaluation gains on the BSP’s gold holdings contributed to the appreciable increase in the end-November 2012 GIR level.
Deposits by the NG included proceeds of a program loan from the Asian Development Bank (ADB). These inflows were partly offset, however, by foreign exchange outflows for the payments by the NG for its maturing foreign exchange obligations.
Net international reserves (NIR), which include revaluation of reserve assets, increased by US$2.4 billion to reach US$84.1 billion as of end-November 2012, compared to the end-October 2012 NIR of US$81.7 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.