The Bangko Sentral ng Pilipinas (BSP) on Friday announced that the country’s gross international reserves (GIR) stood at $81.6 billion as of end-June 2013.
BSP Governor Amando Tetangco Jr. in a statement said that preliminary data showed that the country’s June GIR was slightly lower by $40 million than the end-May 2013 GIR of $82 billion.
Tetangco added that the latest GIR remains adequate to cover 11.8 months worth of imports of goods and payments of services and income.
It is also equivalent to 8.3 times the country’s short-term external debt based on original maturity and six times based on residual maturity, he added.
Furthermore, the central bank governor said that the slight decline in the reserves level was mainly because of the revaluation adjustments on the BSP’s gold holdings, arising from the decrease in the price of gold in the international market and payments for maturing foreign exchange obligations of the national government.
These outflows, he said, were partially offset by inflows from the foreign exchange operations of the BSP, as well as foreign currency deposits by the Treasurer of the Philippines and income from investments abroad of the central bank.
On the other hand, the BSP further announced that net international reserves (NIR), decreased by $300 million to reach $81.6 billion as of end-June 2013.
NIR, which refers to the difference between the BSP’s GIR and total short-term liabilities, was lower compared to the end-May 2013 NIR of $81.9 billion.