16 INTERNATIONAL RESERVES                                         
  end-of-period                                            
  in million US dollars                                            
   
  2 0 1 3 2 0 1 4  
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec   Jan Feb Mar Apr May Jun Jul r
                                                 
   
  Reserve Position in the Fund 539.4 530.1 523.9 529.4 523.8 540.2 545.0 544.9 577.6 576.7 592.1 594.0 591.7 595.6 594.9 601.6 601.4 611.6 602.7  
   
  Gold 10,302.2 9,787.6 9,900.8 9,020.7 8,642.2 7,663.4 8,226.7 8,589.5 8,240.7 8,156.3 7,754.0 7,498.4 7,731.7 8,333.4 8,006.2 8,012.4 7,790.5 8,285.0 8,019.0  
   
  SDRs 1,292.0 1,269.9 1,256.8 1,270.1 1,256.5 1,260.9 1,268.7 1,270.4 1,286.2 1,295.7 1,298.8 1,302.8 1,297.9 1,309.2 1,307.7 1,313.9 1,303.5 1,308.1 1,295.7  
   
  Foreign Investments 72,129.7 71,165.5 71,325.0 71,190.9 70,601.0 70,645.4 72,036.1 71,402.7 72,366.9 72,226.9 72,415.0 72,936.3 68,919.7 69,753.0 68,990.6 69,224.3 69,835.9 69,889.5 70,048.4  
   
  Foreign Exchange 1,010.3 870.2 944.2 1,202.2 943.6 1,145.7 1,095.7 1,083.8 1,035.9 1,351.8 1,512.2 855.6 816.4 548.4 745.9 692.1 710.8 639.2 678.3  
   
GIR 85,273.6 83,623.3 83,950.7 83,213.3 81,967.0 81,255.5 83,172.1 82,891.3 83,507.3 83,607.4 83,572.1 83,187.0 79,357.5 80,539.6 79,645.2 79,844.2 80,242.2 80,733.3 80,644.2  
   
  Annual Growth Rate (in %) 10.2 8.6 10.3 8.7 7.7 6.7 4.3 2.7 1.8 2.3 -0.4 -0.8 -6.9 -3.7 -5.1 -4.0 -2.1 -0.6 -3.0  
   
Less:  
   
  Liabilities 5.6 9.0 12.7 16.4 19.8 1.9 5.6 9.0 12.7 16.4 19.8 2.0 5.9 9.2 12.9 16.6 19.9 2.1 5.8  
   
NIR 1 85,268.0 83,614.3 83,938.0 83,196.9 81,947.2 81,253.5 83,166.5 82,882.2 83,494.6 83,591.1 83,552.3 83,185.0 79,351.6 80,530.4 79,632.3 79,827.6 80,222.3 80,731.2 80,638.4  
   
Reserve Adequacy Measures  
   
  Import Cover 2 11.8 11.7 11.9 11.8 11.5 11.5 11.8 11.7 11.7 11.7 11.7 11.5 10.9 11.0 10.9 10.9 11.0 11.0 11.0  
   
  Short-Term External Debt Cover   
   
  Original Maturity 3 1,011.3 944.6 857.9 795.1 782.7 850.9 841.8 868.3 841.6 838.9 818.0 741.9 695.7 693.3 755.6 764.5 765.5 770.2 769.3  
   
  Residual Maturity 4 683.1 688.7 644.0 608.0 607.8 645.7 649.9 675.7 642.8 644.6 630.6 576.6 548.8 540.3 565.8 572.0 559.5 563.5 563.3  
   
Memo Item  
   
  Percent Share to Total GIR 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0  
   
  Reserve Position in the Fund 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.7 0.8 0.7  
   
  Gold 12.1 11.7 11.8 10.8 10.5 9.4 9.9 10.4 9.9 9.8 9.3 9.0 9.7 10.3 10.1 10.0 9.7 10.3 9.9  
   
  SDRs 1.5 1.5 1.5 1.5 1.5 1.6 1.5 1.5 1.5 1.5 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6  
   
  Foreign Investments 84.6 85.1 85.0 85.6 86.1 86.9 86.6 86.1 86.7 86.4 86.6 87.7 86.8 86.6 86.6 86.7 87.0 86.6 86.9  
   
  Foreign Exchange 1.2 1.0 1.1 1.4 1.2 1.4 1.3 1.3 1.2 1.6 1.8 1.0 1.0 0.7 0.9 0.9 0.9 0.8 0.8  
   
                                                 
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 Gross International Reserves (GIR) and the total of the Bangko Sentral's 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.  Starting 2005, figures were revised to reflect data based on BPM6 concept.  
3 Data reflect revised denominator using end-month outstanding short-term external debt (with a two-month lag), except for months that are not end of quarter where outstanding short-term external debt by banks are not yet available.  
4 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. Figures reflect data based on debt service schedule on debt outstanding   
  and external debt report as of 31 March 2014, and debt service burden and outstanding short-term debt of non-banks  as of 31 May 2014.  
r Revised based on the final International Reserves (IR) report as of end-July 2014.  
Source:  Bangko Sentral ng Pilipinas