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End-December Reserves Increase to $15.7 Billion

01.07.2002

The country’s gross international reserves (GIR) as of end-December 2001 amounted to $15.718 billion, $917 million or about 6 percent higher than the level a month ago. At this level, reserves can adequately cover 4.8 months worth of imports of goods and payment of services and income. Using other reserve coverage measures, the level of reserves is 2.7 times the amount of the country’s short-term foreign liabilities based on original maturity. Alternatively, it is equivalent to 1.3 times the amount of the country’s short-term obligations based on residual maturity.

During the period, reserves rose following the deposit by the National Government of the proceeds of its bond flotations, i.e., the RP euro bond ($444 million) and the RP Shibosai bond ($365 million), issuance of US$-denominated Treasury bills ($119 million), to prefund the Government's 2002 requirements, and loan drawdowns, i.e., the ADB Power Sector Resources Loan ($100 million) and the ADB Non-bank Financial Program Loan ($75 million). The increase in reserves was partly offset, however, by the servicing of foreign exchange requirements of the National Government and the BSP.

The BSP’s net international reserves (BSP-NIR) as of end-December 2001 climbed to $11.447 billion from $10.513 billion a month ago.

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