Preliminary data showed that the country’s gross international reserves (GIR) stood at US$80.87 billion as of end-March 2017, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. announced today.1 This level was lower by US$0.57 billion than the end-February 2017 GIR of US$81.44 billion but higher by US$0.18 billion than the end-2016 level. The month-on-month decline was due mainly to outflows arising from the BSP’s foreign exchange operations and the payments made by the National Government (NG) for its maturing foreign exchange obligations. These were partially offset by net foreign currency deposits by the NG and revaluation adjustments on the BSP’s gold holdings resulting from the increase in the price of gold in the international market.
The end-March 2017 GIR level can cover 8.9 months’ worth of imports of goods and payments of services and primary income. It is also equivalent to 5.2 times the country’s short-term external debt based on original maturity and 3.9 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, decreased by US$0.57 billion to US$80.86 billion as of
end-March 2017, compared to the end-February 2017 NIR of US$81.43 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.