Saturday, 7 February 2009

Philippine end-January 2009 GIR Nears US$40 Billion Mark

Bangko Sentral
Media Releases

The country’s gross international reserves (GIR) reached US$39.6 billion as of end-January 2009, US$2.0 billion higher than the end-2008 level of US$37.6 billion. The current GIR level could cover 6.0 months of imports of goods and payments of services and income. It was also equivalent to 4.8 times the country’s short-term external debt based on original maturity and 3.0 times based on residual maturity.

The marked increase in reserves was due mainly to deposits by the National Government of proceeds from its 10-year bond issue, and by the Power Sector Assets and Liabilities Management Corporation (PSALM) of proceeds from the privatization of the National Transmission Corporation (TRANSCO), as well as inflows arising from the Bangko Sentral’s (BSP) net foreign exchange operations and income from its investments abroad. These inflows were partly offset by payment of maturing foreign exchange obligations of the NG.

Net international reserves (NIR), including revaluation of reserve assets and reserve-related liabilities, rose to US$38.0 billion from US$36.0 billion at end-2008. NIR refers to the difference between the BSP’s GIR and total short-term liabilities.

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