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End-December 2018 GIR Level Rises to US$78.46 Billion


Preliminary data showed that the country’s gross international reserves (GIR) rose to US$78.46 billion as of end-December 2018, Bangko Sentral ng Pilipinas (BSP) Officer-in-Charge Diwa C. Guinigundo announced today.1 This level was higher than the US$75.68 billion level recorded in November 2018 due mainly to inflows arising from the BSP’s foreign exchange operations, net foreign currency deposits by the National Government (NG) and revaluation gains from BSP’s gold holdings resulting from the increase in the price of gold in the international market. However, the increase in reserves was partially tempered by payments made by the NG for servicing its foreign exchange obligations.

The end-December 2018 level of GIR continues to serve as an ample external liquidity buffer and is equivalent to 6.9 months’ worth of imports of goods and payments of services and primary income. It is also equivalent to 5.8 times the country’s short-term external debt based on original maturity and 4 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, likewise increased by US$2.78 billion to US$78.44 billion as of end-December 2018 from the end-November 2018  level of US$75.66 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.

2Short-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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