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End-June 2013 GIR Settles at US$81.6 Billion


Preliminary data showed that the country’s gross international reserves (GIR) stood at US$81.6 billion as of end-June 2013, slightly lower by US$0.4 billion than the end-May 2013 GIR of US$82 billion, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. announced today.1 At this level, reserves remain adequate to cover 11.8 months worth of imports of goods and payments of services and income.  The GIR is also equivalent to 8.3 times the country’s short-term external debt based on original maturity and 6 times based on residual maturity.2 

The slight decline in reserves was due mainly to revaluation adjustments on the BSP’s gold holdings arising from the decrease in the price of gold in the international market, and payments for maturing foreign exchange obligations of the National Government (NG).  These outflows were partially offset by inflows from the foreign exchange operations of the BSP, foreign currency deposits by the Treasurer of the Philippines (TOP), and income from investments abroad of the BSP.

Net international reserves (NIR), which refer to the difference between the BSP’s GIR and total short-term liabilities, decreased by US$0.3 billion to reach US$81.6 billion as of end-June 2013, compared to the end-May 2013 NIR of US$81.9 billion.


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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