Wednesday, 8 July 2009

Philippine end-June 2009 GIR Rises to US$39.6 Billion

Bangko Sentral
Media Releases

Preliminary data on the country’s gross international reserves (GIR) as of end-June 2009 showed that the GIR reached a record high of US$39.600 billion, Bangko Sentral ng Pilipinas Officer-In-Charge Armando L. Suratos announced today. The current GIR level was slightly higher by US$11 million than the end-May 2009 level of US$39.589 billion and could cover 6.8 months of imports of goods and payments of services and income. It was also equivalent to 6.1 times the country’s short-term external debt based on original maturity and 3.2 times based on residual maturity. 1

The end-June 2009 GIR level included foreign exchange inflows from the BSP’s net foreign exchange operations and income from its investments abroad, as well as from the National Government’s (NG) foreign currency deposits with the BSP. These inflows were counterbalanced by outflows arising from the payment of maturing foreign exchange obligations of the NG and the BSP, as well as valuation losses in the BSP’s gold holdings on account of the lower price of gold in the international market in June 2009.

The level of net international reserves (NIR), which includes revaluation of reserve assets and reserve-related liabilities, slightly rose to US$38.6 billion as of end-June 2009 from the month-ago level of US$38.5 billion. The 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 months.

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