• GIR rises to $82.9 billion as of end-July

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    The country’s gross international reserves (GIR) rose to $82.9 billion as of end-July 2013, the Bangko Sentral ng Pilipinas (BSP) said on Wednesday.

    BSP Governor Amando Tetangco Jr. in a statement said that preliminary data showed that the country’s July GIR was higher by $1.7 billion than the end-June 2013 GIR of $81.3 billion. Tetangco added that the latest GIR can adequately cover 12 months worth of imports of goods and payments of services and income.

    It is also equivalent to 8.5 times the country’s short-term external debt based on original maturity and 5.8 times based on residual maturity, he added. Furthermore, the central bank governor said that the increase in reserves level was mainly from foreign exchange operations of the BSP; revaluation gains on the central bank’s gold holdings and foreign currency-denominated reserves; net foreign currency deposits by the Treasurer of the Philippines, which included proceeds of a program loan from a multilateral institution; and income from investments abroad of the BSP.

    These outflows, he said, were partially offset the payments for maturing foreign exchange obligations of the national government.

    On the other hand, the BSP further announced that net international reserves (NIR) also increased by $1.7 billion to reach $82.9 billion as of end-July 2013. NIR, which refers to the difference between the BSP’s GIR and total short-term liabilities, was higher compared to the end-June level of $81.3 billion.

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