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End-March 2014 GIR Stands at US$79.8 Billion


Preliminary data showed that the country’s gross international reserves (GIR) reached US$79.8 billion as of end-March 2014, Bangko Sentral ng Pilipinas (BSP) Officer-In-Charge Diwa C. Guinigundo announced today.1 This level was lower by US$0.7 billion than the end-February 2014 GIR of US$80.5 billion.  The GIR remains ample as it can cover 11.1 months’ worth of imports of goods and payments of services and income. The GIR level is also equivalent to 7.1 times the country’s short-term external debt based on original maturity and 5.2 times based on residual maturity.2

The decline in reserves was due mainly to outflows arising from payments by the National Government (NG) of its maturing foreign exchange obligations, foreign exchange operations of the BSP, and revaluation adjustments on the BSP’s gold holdings and foreign-currency denominated reserves.  These outflows were partially offset by foreign currency deposits of the Treasurer of the Philippines (TOP).

Net international reserves (NIR), which refer to the difference between the BSP’s GIR and total short-term liabilities, also decreased by US$0.7 billion to reach US$79.8 billion as of
end-March 2014, compared to the end-February 2014 NIR of US$80.5 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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