GIR reaches $83 billion as of end-September

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The country’s gross international reserves (GIR) went up to $83 billion as of end-September 2013, the Bangko Sentral ng Pilipinas (BSP) said on Monday.

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Preliminary data from the BSP showed that the country’s GIR for the first nine months of the year was higher by $1 billion than the end-August GIR of $82.9 billion.

“At this level, reserves can adequately cover 11.9 months’ worth of imports of goods and payments of services and income,” the central bank added.

The GIR is also equivalent to 8.7 times the country’s short-term external debt based on original maturity and 5.7 times based on residual maturity.

The BSP continued that the increase in reserves was because of the inflows from foreign exchange operations and investments of the central bank.

“These inflows were partially offset the payments for maturing foreign exchange obligations of the national government and revaluation adjustments on the BSP’s gold holdings,” it stated.

On the other hand, the BSP noted that the country’s net international reserves (NIR) also expanded by $100 million to reach $83 billion as of end-September 2013.

It was also higher compared to the end-August level of $82.9 billion. NIR is the difference between the central bank’s GIR and total short-term liabilities.

Mayvelin U. Caraballo

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