26	INTERNATIONAL RESERVES
	end-of-period
	in million US dollars
						2 0 1 0									2 0 1 1
				Mar	Jun	Sep	Oct	Nov	Dec		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	r
	Reserve Position in the Fund			133.05	129.72	136.61	256.78	248.38	250.70		355.79	358.32	361.16	369.23	373.60	373.53	456.37	459.33	447.42	449.84	444.54
	Gold			5,951.86	6,859.99	7,394.73	6,811.80	6,913.20	7,010.28		6,581.73	6,970.17	7,080.26	7,598.61	7,589.35	7,616.77	7,678.79	7,553.15	7,456.76	7,910.99	8,058.09
	SDRs			1,104.12	1,076.42	1,132.61	1,148.06	1,110.43	1,120.80		1,136.74	1,144.87	1,153.93	1,179.72	1,165.17	1,164.93	1,163.88	1,171.62	1,136.87	1,143.02	1,129.73
	Foreign Investments			37,891.20	40,127.37	44,784.85	48,640.52	52,036.67	53,440.59		55,032.52	55,107.05	57,002.62	59,003.18	59,398.84	59,478.38	62,178.26	66,413.99	65,709.58	65,911.09	66,136.67
	Foreign Exchange			519.31	510.90	305.45	296.43	256.90	550.72		433.75	309.76	385.42	338.18	326.56	362.51	406.41	342.82	423.38	416.66	437.19
GIR				45,599.54	48,704.40	53,754.25	57,153.59	60,565.58	62,373.09		63,540.53	63,890.17	65,983.39	68,488.92	68,853.52	68,996.12	71,883.71	75,940.91	75,174.01	75,831.60	76,206.22
	Annual Growth Rate (in %)			16.8	23.3	26.4	32.4	37.1	41.0		39.4	39.6	44.7	45.9	44.4	41.7	46.6	52.2	39.8	32.7	25.8
Less:
	Liabilities			15.53	3.99	15.85	20.48	20.70	3.39		6.69	9.47	13.63	17.80	20.70	3.52	7.23	9.51	13.49	17.47	20.17
NIR 1				45,584.01	48,700.41	53,738.40	57,133.11	60,544.88	62,369.70		63,533.84	63,880.70	65,969.76	68,471.12	68,832.82	68,992.60	71,876.48	75,931.40	75,160.52	75,814.13	76,186.05
Reserve Adequacy Measures
	Import Cover 2			8.29	8.32	8.64	8.99	9.37	9.49		9.61	9.60	9.80	10.07	10.15	10.16	10.58	11.18	11.07	11.16	11.22
	Short-Term External Debt Cover
		Original Maturity		872.72	885.86	936.16	995.36	1,054.78	990.84		1,009.38	1,014.94	973.49	1,010.46	1,015.84	964.17	1,004.52	1,061.22	1,050.50	1,059.69	1,064.93
		Residual Maturity 3		465.40	491.27	533.12	560.88	594.95	558.80		539.07	580.13	576.37	598.52	585.59	566.05	592.90	636.13	629.18	639.28	644.07
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	100.00	100.00
		Reserve Position in the Fund		0.29	0.27	0.25	0.45	0.41	0.40		0.56	0.56	0.55	0.54	0.54	0.54	0.63	0.60	0.60	0.59	0.58
		Gold		13.05	14.08	13.76	11.92	11.41	11.24		10.36	10.91	10.73	11.09	11.02	11.04	10.68	9.95	9.92	10.43	10.57
		SDRs		2.42	2.21	2.11	2.01	1.83	1.80		1.79	1.79	1.75	1.72	1.69	1.69	1.62	1.54	1.51	1.51	1.48
		Foreign Investments		83.10	82.39	83.31	85.10	85.92	85.68		86.61	86.25	86.39	86.15	86.27	86.21	86.50	87.45	87.41	86.92	86.79
		Foreign Exchange		1.14	1.05	0.57	0.52	0.42	0.88		0.68	0.48	0.58	0.49	0.47	0.53	0.57	0.45	0.56	0.55	0.57
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.
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 as of end-November 2011.
Source:  Bangko Sentral ng Pilipinas