Wednesday, 8 April 2009

Philippine End-March 2009 GIR Stands at US$38.87 Billion

Media Releases
Bangko Sentral

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed that the country’s gross international reserves (GIR) stood at US$38.87 billion as of end-March 2009, broadly steady compared to the end-February 2009 level of US$38.92 billion, Officer-In-Charge Armando L. Suratos reported.

The latest end-March GIR level reflected the net receipts by the BSP of the National Government’s (NG) deposit of loan proceeds, the BSP’s net foreign exchange operations, and income from its investments abroad. These inflows were counterbalanced by net outflows arising from the repayment of maturing foreign exchange obligations of the NG, and valuation losses in the BSP’s gold holdings on account of the lower price of gold in the international market in March 2009.

The current GIR level could cover 6.2 months of imports of goods and payments of services and income. It was also equivalent to 5.6 times the country’s short-term external debt based on original maturity and 2.9 times based on residual maturity. 1/

The level of net international reserves (NIR), which includes revaluation of reserve assets and reserve-related liabilities, declined to US$37.3 billion as of end-March 2009 from the previous month’s level of US$37.9 billion due mainly to the BSP’s higher short-term liabilities. NIR refers to the difference between the BSP’s GIR and total short-term liabilities.


1/ Short-term debt based on residual maturity refers to outstanding external debt with original maturity of one year or less, plus principal payments on medium- and long-term loans of the public and private sectors falling due within the next 12 month

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