Manila—(PHStocks)—Preliminary data showed that the country’s gross international reserves (GIR) stood at $80.57 billion as of end-November 2015, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. announced. This level was lower by US$0.53 billion compared to the US$81.10 billion end-October 2015 GIR.
Nonetheless, the end-November 2015 GIR level remains ample as it can cover 10.3 months’ worth of imports of goods and payments of services and income. It is also equivalent to 6 times the country’s short-term external debt based on original maturity and 4.2 times based on residual maturity.
The decrease in reserves as of end-November 2015 was due mainly to revaluation adjustments on the BSP’s gold holdings resulting from the decrease in the price of gold in the international market and payments by the National Government (NG) for its maturing foreign exchange obligations.
Net international reserves (NIR), which refer to the difference between the BSP’s GIR and total short-term liabilities, also decreased by $0.52 billion to $80.56 billion as of end-November 2015, compared to the end-October 2015 NIR of $81.08 billion.