INTERNATIONAL RESERVES OF THE BANGKO SENTRAL NG PILIPINAS  1          
  end of period                                        
  in million US dollars                                      
                                        Short-Term  
  External Debt Cover  
  Reserve (in percent)  
  Position in Foreign Foreign Import Original   Residual  
  GIR the Fund Gold SDRs Investments Exchange Cover 5 Maturity Maturity  6  
  (1)= (2) (3) (4) (5) (6) (7) (8) (9)  
        (2 to 6)                                      
   
  1999 Dec 2 15,023.98 119.54 1,782.20 19.08 12,881.12 222.05 4.48 303.58 187.54  
  Dec 3 15,107.31 119.54 1,865.53 19.08 12,881.12 222.05 4.51 305.26 188.58  
   
  2000 Dec 2 15,024.20 113.44 1,972.65 1.93 12,371.20 564.97 4.19 273.42 163.50  
  Dec 4 15,019.17 113.44 1,972.65 1.93 12,368.20 562.95 4.19 273.32 163.45  
   
  2001 Dec 15,644.95 109.37 2,216.17 13.99 12,785.15 520.27 4.62 260.75 143.20  
   
  2002 Dec 16,170.93 118.22 3,035.85 10.21 12,569.24 437.41 4.68 290.90 141.96  
   
  2003 Jan 16,411.58 120.14 3,071.75 10.29 12,780.62 428.78 4.65 295.28 144.18  
  Feb 16,129.52 119.64 2,958.18 2.09 12,602.79 446.82 4.51 290.20 134.22  
  Mar 15,962.78 119.90 2,960.94 2.09 12,224.02 655.83 4.40 248.53 139.27  
  Apr 16,197.32 121.47 3,006.99 16.04 12,605.86 446.96 4.49 244.56 123.24  
  May 16,068.74 123.93 3,224.50 6.38 12,253.25 460.67 4.42 254.13 124.82  
  Jun 15,847.94 122.26 3,031.99 8.00 12,105.96 579.73 4.38 253.93 123.22  
  Jul 16,103.00 121.48 3,123.10 10.32 12,376.66 471.45 4.46 262.22 127.08  
  Aug 16,157.85 120.32 3,280.30 1.94 12,370.13 385.17 4.52 250.86 125.75  
  Sep 16,160.92 124.90 3,250.35 2.01 12,378.87 404.79 4.54 259.49 125.74  
  Oct 16,871.71 125.08 3,308.71 9.17 12,884.78 543.96 4.71 279.89 136.77  
  Nov 16,824.80 125.76 3,425.81 1.72 12,830.10 441.41 4.68 286.23 136.50  
  Dec 16,865.60 129.81 3,408.19 1.77 12,782.36 543.47 4.65 272.95 140.01  
   
  2004 Jan 16,083.58 129.40 3,236.07 9.17 12,163.38 545.56 4.41 260.29 131.92  
  Feb 15,733.42 129.30 3,100.40 2.19 12,105.64 395.89 4.29 253.60 136.13  
  Mar 16,335.78 129.33 3,317.01 2.19 12,405.22 482.03 4.43 218.10 128.48  
  Apr 16,405.43 126.83 3,050.15 7.23 13,038.08 183.14 4.41 226.59 135.44  
  May 16,546.26 128.31 3,137.45 1.34 13,124.43 154.72 4.44 231.74 137.78  
  Jun 16,178.78 128.09 3,170.77 1.34 12,670.55 208.03 4.27 243.88 140.91  
  Jul 15,953.02 127.45 3,216.25 7.89 12,375.00 226.43 4.18 240.47 139.52  
  2004 Aug 16,001.22 127.71 3,312.78 0.99 12,235.35 324.38 4.15 241.20 138.02  
    Sep 15,940.76 128.44 3,400.98 1.00 12,173.74 236.60 4.08 278.73 r/ 153.35 r/
    Oct 15,918.61 130.97 3,263.78 7.76 12,211.91 304.20 4.07 288.43 r/ 152.13 r/
    Nov 15,872.13 134.29 3,239.53 0.99 12,236.71 260.60 4.06 287.59 r/ 151.45 r/
    Dec p/ 16,052.37 135.33 3,112.07 0.99 12,615.52 188.46 4.11 290.86 152.08  
                                               
  1 Beginning January 2000, in compliance with the requirements of the IMF's reserve and foreign currency liquidity template under the Special
  Data  Dissemination Standards (SDDS), gold swaps undertaken by the BSP with  foreign financial institutions  were treated as collateralized
  loan. Thus, gold under the swap arrangement  remains to be part of reserves and a liability is deemed incurred corresponding to the  
  proceeds of the swap.  In addition, accrued interest payable (AIP) shall  form  part of BSP's short-term liabilities .   
  2 Represent official figures for end-December 1999 and 2000 per books of Treasury Department  
  3 Represents adjusted December 1999 figures for comparability with 2000 figures based on the new accounting methodology for calculating
  gross international reserves in compliance with the requirements of the IMF's reserves and foreign curency liquidity template under the  
  SDDS, particularly on the treatment of gold swap (see footnote 1).  
  4 Starting December 2000, figures were adjusted to reflect the change in treatment of offshore banking units (OBUs) from non-resident to  
  resident entities in accordance with international standards as prescribed  in the 5th edition of the IMF Balance of Payments Manual and  
  the Monetary and Financial Statistics Manual.  
  5 Number of months of average imports of goods and payment of services and income that can be financed by reserves.   
  6 Refers to adequacy  of reserves to cover outstanding short-term debt based on original maturity plus principal payments on medium  
  and long-term loans of the public and private sectors falling due in the next 12 months.   
  p/ Preliminary  
  r/ Revised based on external debt report as of 30 September 2004 and debt service schedule on debt outstanding as of 30 June 2004.  
   
  Source:  Treasury Department, BSP