The country’s gross international reserves (GIR) went up by $86.7 million to $16.422 billion as of end-April 2004, from $16.336 billion last month. At this level, GIR was adequate to cover 4.5 months of imports of goods and payments of services and income. Alternatively, using other measures of reserve coverage, current level was equivalent to 2.8 times the country’s short-term debt based on original maturity and 1.5 times based on residual maturity. Short-term debt based on residual maturity refers to outstanding short-term external debt on original maturity plus principal payments on medium- and long-term loans of the public and private sectors falling due within the next 12 months.
The increase in reserves was due mainly to the deposit by the National Government (NG) of proceeds of its RP Zero Coupon Treasury Bond and the medium- and long-term (MLT) borrowing of the BSP. However, these inflows were partly offset by disbursements to service the debt requirements of both the National Government (NG) and the BSP.
The BSP’s net international reserves (BSP-NIR) level at $14.009 billion as of end-April 2004, inclusive of revaluation of reserve assets and reserve-related liabilities, was 3.2 percent or $428.1 million higher compared to $13.581 billion in March 2004.