Preliminary data showed that the country’s gross international reserves (GIR) stood at $81.13 billion as of end-February 2017, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco, Jr. said.
This level was lower by $0.25 billion than the end-January 2017 GIR of $81.38 billion but higher by $0.44 billion than the end-2016 level.
The month-on-month decline was due mainly to outflows arising from the BSP’s foreign exchange operations and the payments made by the National Government (NG) for its maturing foreign exchange obligations.
These were offset by net foreign currency deposits by the NG (which include the net proceeds from the new money component of the ROP Global Bonds issuance) and revaluation adjustments on the BSP’s gold holdings resulting from the increase in the price of gold in the international market.
The end-February 2017 GIR level can cover 9.2 months’ worth of imports of goods and payments of services and primary income.
It is also equivalent to 5.9 times the country’s short-term external debt based on original maturity and 4.3 times based on residual maturity.
Net international reserves (NIR), which refer to the difference between the BSP’s GIR and total short-term liabilities, decreased by $0.24 billion to $81.13 billion as of end-February 2017, compared to the end-January 2017 NIR of $81.37 billion. – Reuters