• GIR stands at $82.9B as of end-May

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    The Bangko Sentral ng Pilipinas (BSP) on Friday announced that the country’s gross international reserves (GIR) settled at $82.9 billion as of end-May 2013.

    BSP Governor Amando Te­tangco Jr. announced that the country’s May GIR was slightly lower by $300 million than the end-April 2013 GIR of $83.2 billion.

    Tetangco added that latest GIR could adequately cover 11.7 months worth of imports of goods and payments of services and income.

    It is also equivalent to 9.8 times the country’s short-term external debt based on original maturity and 6.3 times based on residual maturity, he said.

    Furthermore, the central bank governor said that the slight decline in the reserves level was mainly from the revaluation adjustments on the BSP’s gold holdings arising from the decrease in the price of gold in the international market, payments for maturing foreign exchange obligations of the national government and net foreign currency withdrawals by a government corporation.

    These outflows, he said, were partially offset by inflows from the foreign-exchange operations and income from investments abroad of the BSP, as well as foreign currency deposits by the national government.

    The BSP further announced that net international reserves (NIR) decreased by $300 million to reach $82.9 billion as of end-May 2013.

    NIR, which refers to the difference between the BSP’s GIR and total short-term liabilities, was lower compared to the previous month’s NIR of $83.2 billion.

    Mayvelin U. Caraballo

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