End-February 2016 GIR Level Reaches $81.3B

Manila—(PHStocks)—Bangko Sentral ng Pilipinas (BSP)—Preliminary data showed that the country’s gross international reserves (GIR) rose to $81.3 billion as of end-February 2016, according to BSP Governor Amando M. Tetangco Jr.

This level was higher by $0.61 billion than the end-January 2016 GIR of $80.69 billion due mainly to revaluation adjustments on the BSP’s foreign currency-denominated reserves and gold holdings resulting from the increase in the price of gold in the international market, net foreign currency deposits by the National Government (NG) as well as the BSP’s income from investments abroad. These were partially offset by the BSP’s foreign exchange operations and payments made by the NG for its maturing foreign exchange obligations.

The end-February 2016 GIR level can cover 10.4 months’ worth of imports of goods and payments of services and income. It is also equivalent to 5.7 times the country’s short-term external debt based on original maturity and 4.1 times based on residual maturity.

Net international reserves (NIR), which refer to the difference between the BSP’s GIR and total short-term liabilities, also increased by $0.61 billion to $81.3 billion as of end-February 2016, compared to the end-January 2016 NIR of $80.69 billion.