The country’s gross international reserves (GIR) rose to $16.416 billion as of end-January 2003, higher by 1.5 percent relative to the end-December 2002 level of $16.180 billion. At this level, the GIR was equivalent to 4.8 months of imports of goods and payment of services and income. Alternatively, the end-January GIR was equivalent to 2.8 times of short-term debt based on original maturity or 1.4 times based on residual maturity.
The increase in reserves during the period was due mainly to the deposits by the National Government of the proceeds of its ten-year global bond flotation and by the National Power Corporation (NPC) of the proceeds of its term loan facility. These inflows were partly offset, however, by the debt service requirements of the National Government and the BSP.
The BSP’s net international reserves (BSP-NIR) as of end-January 2003 similarly increased to $13.131 billion from $12.835 billion a month ago.