Saturday, 6 March 2010

End-February 2010 GIR Rises to US$45.7 Billion

Bangko Sentral
Media Releases

The country’s gross international reserves (GIR) level as of end-February 2010 stood at US$45.7 billion, higher by US$100 million than the end-January 2010 level of US$45.6 billion, Bangko Sentral ng Pilipinas Officer-In-Charge Nestor A. Espenilla, Jr. announced today.

The increase in the preliminary GIR level was due mainly to inflows from the foreign exchange operations of the BSP and income from its investments abroad, as well as revaluation gains on the BSP’s gold holdings brought about by the increase in the price of gold in the international market. These receipts were counterbalanced by outflows arising primarily from the payment of maturing foreign exchange obligations of the National Government.

The current GIR level could cover 9.3 months of imports of goods and payments of services and income. It is also equivalent to 10.2 times the country’s short-term external debt based on original maturity and 4.5 times based on residual maturity.1

Net international reserves (NIR), which include revaluation of reserve assets and reserve-related liabilities, likewise rose to US$45.7 billion as of end-February 2010, up by US$100 million from the previous month’s level of US$45.6 billion. 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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