The country’s gross international reserves (GIR) reached $16.068 billion as of end-September 2002. This level was slightly lower than the end-August 2002 level of $16.141 billion. The current GIR level is equivalent to 5.2 months imports of goods and payment of services and income. In terms of short-term debt coverage, the end-September GIR was equivalent to 3.0 times based on original maturity or 1.4 times based on residual maturity.
The slight decrease in the GIR during the period was due mainly to the debt service payments for maturing obligations of the National Government, including the National Power Corporation, and the BSP. These outflows were, however, partly mitigated by the deposit by the National Government of the proceeds of the five-year Euro floating rate notes and investment income of the BSP.
Meanwhile, the BSP’s net international reserves (BSP-NIR) as of end-September 2002 declined slightly to $12.646 billion from $12.666 billion a month ago.