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End-February 2018 GIR Level Settles at US$80.6 Billion


Preliminary data showed that the country’s gross international reserves (GIR) level stood at US$80.6 billion as of end-February 2018, Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla, Jr. announced today.1  This was lower than the US$81.2 billion level recorded in January 2018 due mainly to outflows arising from the foreign exchange operations of the BSP, payments made by the National Government (NG) for its maturing foreign exchange obligations as well as revaluation adjustments on the BSP’s gold holdings resulting from the decrease in the price of gold in the international market. These were partially tempered by the NG’s net foreign currency deposits (which include proceeds from the new money component of the ROP Global Bonds issuance under the NG’s liability management transactions (LMT)) and income from the BSP’s foreign exchange operations.

The end-February 2018 GIR level represents more than ample liquidity buffer and is equivalent to 8.2 months’ worth of imports of goods and payments of services and primary income. It is also equivalent to 5.9 times the country’s short-term external debt based on original maturity and 4.2 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$0.6 billion to US$80.6 billion as of end-February 2018 from the end-January 2018  NIR of US$81.2 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 Standard (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.
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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