The country’s gross international reserves (GIR) stood at $16.060 billion as of end-September 2003, slightly lower than the end-August level of $16.159 billion. This GIR level was adequate to cover 4.4 months of imports of goods and payments of services and income. Alternatively, the end-September GIR level was equivalent to 2.5 times the country’s short-term debt based on original maturity and 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 slight contraction in reserves during the period was due mainly to foreign exchange debt service requirements of the National Government and the BSP.
The BSP’s net international reserves (BSP-NIR) level as of end-September 2003, inclusive of revaluation of reserve assets and reserve-related liabilities, declined to $12.499 billion from $12.602 billion a month ago.