GIR rises to $83.2 billion as of end-August

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The country’s gross international reserves (GIR) rose to $83.2 billion as of end-August 2013, the Bangko Sentral ng Pilipinas (BSP) said on Friday.

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In a statement, the BSP said that preliminary data showed that the country’s August GIR was slightly higher by $29 million than the end-July 2013 GIR of $83.172 billion.

The end-August GIR was also higher compared to the $80.7 billion recorded in the same period last year.

“At this level, reserves can adequately cover 12 months’ worth of imports of goods and payments of services and income,” the statement added.

The GIR is also equivalent to eight times the country’s short-term external debt based on original maturity and 5.5 times based on residual maturity, it added.

Furthermore, the central bank said that the increase in reserves was because of the inflows from revaluation gains on the BSP’s gold holdings, foreign exchange operations of the BSP, and net foreign currency deposits by the Treasurer of the Philippines.

“These inflows were partially offset the payments for maturing foreign exchange obligations of the national government,” it stated.

On the other hand, the BSP noted that the net international reserves (NIR) also increased by $28 million to reach $83.25 billion as of end-August 2013.

It was also higher compared to the end-July level of $83.2 billion.

NIR is the difference between the central bank’s GIR and total short-term liabilities.

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