End-March 2015 GIR Level Reaches $80.4B

Manila–(PHStocks)–Preliminary data showed that the country’s gross international reserves (GIR) stood at $80.4 billion as of end-March 2015, according to Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. This level was lower by $0.4 billion compared to the end-February 2015 GIR of $80.8 billion.

The GIR level can cover 10.5 months’ worth of imports of goods and payments of services and income. It is also equivalent to 4.9 times the country’s short-term external debt based on original maturity and 3.9 times based on residual maturity.

The decrease in reserves was due mainly to the payments made by the National Government (NG) for its maturing foreign exchange obligations and revaluation adjustments on the BSP’s gold holdings and foreign currency-denominated reserves. These were partially offset by the NG’s net foreign currency deposits and the BSP’s foreign exchange operations and income from investments abroad.

Net international reserves (NIR), which refer to the difference between the BSP’s GIR and total short-term liabilities, also decreased to $80.4 billion as of end-March 2015, compared to the end-February 2015 NIR of $80.8 billion.

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