The country’s gross international reserves (GIR) rose to $16.18 billion as of end-April 2003, up by 1.3 percent compared to the end-March level of $15.98 billion. The end-April GIR level was enough to cover 4.6 months of imports of goods and payments of services and income. This was also equivalent to 2.6 times the country’s short-term debt based on original maturity or alternatively 1.3 times based on residual maturity. Short-term debt based on residual maturity refers to outstanding short-term external debt on original maturity basis plus principal payments on medium and long-term loans of the public and private sectors falling due within the next twelve (12) months.
The increase in reserves was mainly due to foreign exchange inflows, interest income and gold revaluation.
The BSP’s net international reserves (BSP-NIR) level as of end-April 2003 before revaluation adjustments was higher at $12.285 billion compared to $12.278 billion a month-ago.