The country’s gross international reserves (GIR) reached $16.252 billion as of end-February 2002. This level was only slightly lower than the end-January 2002 level of $16.299 billion. The current level of reserves can adequately cover 5.1 months worth of imports of goods and payment of services and income. Using other reserve coverage measures, the level of reserves was 2.9 times the amount of the country’s short-term external debt based on original maturity. Alternatively, it was equivalent to 1.38 times the amount of the country’s short-term external obligations based on residual maturity.
The slight decline in reserves during the period was due to debt service payments for maturing obligations of the national government and the BSP. These outflows were, however, partly offset by foreign exchange inflows particularly from investment income.
The BSP’s net international reserves (BSP-NIR) as of end-February 2002 amounted to $12.225 billion little changed from $12.238 billion a month ago.