Preliminary data showed that the country’s gross international reserves (GIR) rose to US$80.86 billion as of end-May 2015, compared to the end-April 2015 GIR of US$80.85 billion, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. announced today.1 The increase in reserves was due mainly to the BSP’s foreign exchange operations, revaluation adjustments on its gold holdings and income from its investments abroad. These were partially offset by the National Government’s (NG) net foreign currency withdrawals and payments for its maturing foreign exchange obligations as well as revaluation adjustments on the BSP’s foreign currency-denominated reserves.
The end-May 2015 GIR level remains ample as it can cover 10.6 months’ worth of imports of goods and payments of services and income. It is also equivalent to 4.9 times the country’s short-term external debt based on original maturity and 3.8 times based on residual maturity.2
Net international reserves (NIR), which refer to the difference between the BSP’s GIR and total short-term liabilities, also increased by US$0.01 billion to US$80.84 billion as of end-May 2015, compared to the end-April 2015 NIR of US$80.83 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.