End-December 2018 GIR level rose to $78.46 billion

January 7, 2019

Gross international reserves  rose to $78.46 billion as of end-December 2018, Bangko Sentral ng Pilipinas (BSP) Officer-in-Charge Diwa Guinigundo announced Monday, citing preliminary figures.

This marked the second straight month gross international reserves rose. The reserves are equivalent to 6.9 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 times based on residual maturity. 

  The end-December data is higher than  $75.68 billion level in November due mainly to inflows arising from the BSP's foreign exchange operations, net foreign currency deposits by the national government  and revaluation gains from BSP's gold holdings resulting from the increase in the price of gold in the international market.

But, the increase in reserves was partially tempered by payments made by the national government for servicing its foreign exchange obligations. 

Net international reserves), which refer to the difference between gross international reserves and total short-term liabilities, increased by $2.78 billion to $78.44 billion as of end-December from the end-November level of $75.66 billion. DMS