BOND issuances by the national government and higher gold prices increased the country’s gross international reserves (GIR) to a three-month high of $107.25 billion as of the end of April.

Preliminary Bangko Sentral ng Pilipinas (BSP) data showed on Friday the figure was 2.30 percent and 17.93 percent higher than the $104.48 billion and $90.94 billion at end-March and a year earlier, respectively.

End-April’s amount was the biggest foreign reserves level since the $108.67 billion at end-January this year.

“The month-on-month increase in the GIR level reflected inflows that were mainly from the proceeds of the national government’s ROP global and samurai bonds issuances, which were deposited with the BSP,” the central bank said.

It can be noted that the national government has raised $2.75 billion (about P132.13 billion) from a double-tranche offering of US dollar-denominated bonds last December. It also secured 55 billion yen ($500 million or about P24.23 billion) worth of “samurai” bonds last March.

“Further, an upward adjustment in the value of the BSP’s gold holdings due to the increase in the price of gold in the international [market] contributed to the higher GIR level,” the BSP added.

Outflows from the national government’s foreign currency debt servicing, on the other hand, partially offset these inflows.