Preliminary data showed that the country’s gross international reserves (GIR) rose by US$0.4 billion to US$84.0 billion as of end-November 2013 from the end-October 2013 GIR level of US$83.6 billion, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. announced today.1 At this level, reserves can adequately cover 12 months’ worth of imports of goods and payments of services and income. The GIR is also equivalent to 9 times the country’s short-term external debt based on original maturity and 6 times based on residual maturity.2
The increase in reserves was due mainly to foreign exchange operations and income from investments of the BSP as well as foreign currency deposits by the Treasurer of the Philippines (TOP). These inflows were partially offset by payments by the National Government (NG) for its maturing foreign exchange obligations and revaluation adjustments on the BSP’s gold holdings. Net international reserves (NIR), which refer to the difference between the BSP’s GIR and total short-term liabilities, also increased by US$0.4 billion to reach US$84 billion as of end-November 2013, compared to the end-October 2013 NIR of US$83.6 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.