16 INTERNATIONAL RESERVES OF THE BANGKO SENTRAL NG PILIPINAS                    
  end of period                                    
  in million US dollars                                    
   
  2006 2 0 0 7  2 0 0 8  
  Dec Mar Jun Sep Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct r
                                         
   
  Reserve Position in the Fund 131.70 132.21 132.68 136.36 138.27 139.75 141.08 144.06 142.32 141.97 143.20 142.08 137.61 135.55 130.46  
   
  Gold 2,941.30 3,008.36 2,928.24 3,034.47 3,540.61 3,857.71 4,059.50 3,834.39 3,584.75 3,795.61 3,962.94 3,904.11 3,568.84 3,848.44 3,516.51  
   
  SDRs 2.33 1.70 0.62 0.26 0.74 1.06 0.08 0.08 13.37 12.61 12.71 12.61 11.49 11.32 10.90  
   
  Foreign Investments 19,611.41 20,804.08 23,022.74 27,498.73 29,715.21 30,511.44 31,756.01 32,274.85 32,228.27 31,884.16 32,223.58 32,545.36 32,672.28 32,292.70 31,832.29  
   
  Foreign Exchange 279.98 738.06 298.67 232.34 356.22 299.77 331.13 370.63 386.86 398.77 369.85 296.83 352.50 409.44 461.42  
   
GIR 22,966.72 24,684.41 26,382.95 30,902.16 33,751.05 34,809.73 36,287.80 36,624.01 36,355.57 36,233.12 36,712.28 36,900.99 36,742.72 36,697.45 35,951.58  
   
  Annual Growth Rate (in %) 24.2 19.6 24.9 43.1 47.0 46.9 47.9 48.4 44.9 41.5 39.2 31.7 20.5 18.8 10.6  
   
Less:  
   
  Liabilities 13.75 25.46 7.22 22.43 6.94 11.05 15.23 21.44 27.46 21.84 506.01 510.19 715.19 921.37 1,528.39  
   
NIR 1 22,952.97 24,658.95 26,375.73 30,879.73 33,744.11 34,798.68 36,272.57 36,602.57 36,328.11 36,211.28 36,206.27 36,390.80 36,027.53 35,776.08 34,423.19  
   
Reserve Adequacy Measures  
   
  Import Cover 2 4.23 4.47 4.70 5.40 5.69 5.79 5.97 5.96 5.86 5.78 5.75 5.78 5.76 5.75 5.63  
   
  Short-Term External Debt Cover  
   
  Original Maturity 458.51 482.31 443.63 446.24 476.44 491.39 512.25 550.65 546.62 544.78 417.33 419.47 408.39 399.02 366.97  
   
  Residual Maturity 3 250.07 256.65 226.42 240.52 257.70 267.99 290.63 293.25 299.10 301.87 269.92 270.73 270.82 271.89 249.68  
   
Memo Item  
   
  Percent Share to Total GIR 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00  
   
  Reserve Position in the Fund 0.57 0.54 0.50 0.44 0.41 0.40 0.39 0.39 0.39 0.39 0.39 0.39 0.37 0.37 0.36  
   
  Gold 12.81 12.19 11.10 9.82 10.49 11.08 11.19 10.47 9.86 10.48 10.79 10.58 9.71 10.49 9.78  
   
  SDRs 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.03 0.03 0.03 0.03 0.03 0.03  
   
  Foreign Investments 85.39 84.28 87.26 88.99 88.04 87.65 87.51 88.12 88.65 88.00 87.77 88.20 88.92 88.00 88.54  
   
  Foreign Exchange 1.22 2.99 1.13 0.75 1.06 0.86 0.91 1.01 1.06 1.10 1.01 0.80 0.96 1.12 1.28  
                                         
                                         
1 Inclusive of gold monetization and revaluation of reserve assets and reserve-related liabilties which are excluded in the calculation of the balance of payments (BOP).  Net International Reserves (NIR) refer to the difference
  between BSP's Gross International Reserves (GIR) and the total of its short-term liabilities and the Use of Fund Credits (UFC).  UFC  refers to the sum of outstanding drawings from the IMF under various policies and facilities,
  other than drawings under the reserve tranche.  
2 Number of months of average imports of goods and payment of services and income that can be financed by reserves.   
3 Refers to adequacy of reserves to cover outstanding short-term external 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.
r Revised based on the final International Reserves (IR) report for end-October 2008.  
   
Source:  Bangko Sentral ng Pilipinas