The country’s gross international reserves (GIR) stood at $15.765 billion as of end-February 2004. This GIR level was adequate to cover 4.4 months of imports of goods and payments of services and income. Alternatively, this was equivalent to 2.7 times the country’s short-term debt based on original maturity and 1.4 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 end-February 2004 reserves declined by 2.0 percent relative to its level of $16.084 billion in January 2004 due mainly to the debt service requirements of the National Government (NG) and the BSP. This was partly offset, however, by the deposit of the NG with the BSP of its net loan proceeds from the RP Global Bond Exchange.
The BSP’s net international reserves (BSP-NIR) level as of end-February 2004, inclusive of revaluation of reserve assets and reserve-related liabilities, decreased to $12.889 billion from $13.170 billion a month ago.