The country’s gross international reserves (GIR) reached $15.945 billion as of end-October 2002. This level was slightly lower than the end-September 2002 level of $16.025 billion. The current GIR level is equivalent to 5.1 months of imports of goods and payment of services and income. The end-October GIR could alternatively cover the country’s short-term debt based on original maturity by close to threefold (280 percent) or short-term debt based on residual maturity by 130 percent.
The minimal decline in the GIR was due primarily to debt service payments for maturing obligations of the BSP and the National Government, including the National Power Corporation.
Meanwhile, the BSP’s net international reserves (BSP-NIR) as of end-October 2002 reached $12.283 billion from $12.606 billion a month ago.