The country’s gross international reserves (GIR) reached $16.123 billion as of end-August 2002. This level was slightly higher than the end-July 2002 level of $16.117 billion. The current level of GIR is equivalent to 5.2 months imports of goods and payment of services and income. In terms of short-term debt coverage, the end-August GIR was equivalent to 3.0 times based on original maturity or 1.4 times based on residual maturity.
The slight increase in the GIR during the period was due partly to a foreign currency deposit with the BSP of a government corporation’s loan proceeds. These inflows helped build up reserves and partly funded the debt service payments for maturing obligations of both the National Government and the BSP.
Meanwhile, the BSP’s net international reserves (BSP-NIR) as of end-August 2002 declined by $97 million to $12.657 billion from $12.754 billion a month ago.