January 20, 2018, 6:42 pm
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GIR rises to $81.5B

Preliminary data showed that the country’s gross international reserves (GIR) rose to $81.5 billion as of end-December 2017.

This was higher than the $80.3 billion level recorded in November 2017 due mainly to inflows arising from the BSP’s foreign exchange operations, net foreign currency deposits by the National Government (NG), revaluation adjustments on the BSP’s gold holdings resulting from the increase in the price of gold in the international market, and income from the BSP’s investments abroad. 

These were partially offset by payments made by the NG and the BSP for their maturing foreign exchange obligations.

The end-December 2017 GIR level remains adequate as it can cover 8.3 months’ worth of imports of goods and payments of services and primary income.

It is also equivalent to 5.8 times the country’s short-term external debt based on original maturity and 4.2 times based on residual maturity.

Net international reserves (NIR), which refer to the difference between the BSP’s GIR and total short-term liabilities, increased by $1.1 billion to $81.4 billion as of end-December 2017, compared to the end-November 2017 NIR of $80.3 billion.
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