End-January 2019 GIR level rises to $82.13 billion 

February 7, 2019

Preliminary data showed gross international reserves (GIR) rose to $82.13 billion as of end-January, Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla, Jr. announced Thursday.

This level is higher than the $79.19 billion level in December 2018 due mainly to inflows from the 1) net foreign currency deposits by the national government , 2) BSP's foreign exchange operations, 3) revaluation gains from BSP's gold holdings resulting from the increase in the price of gold in the international market, and 4) the BSP's income from its investments abroad. However, the increase in reserves was partially tempered by payments made by the national government for servicing its foreign exchange obligations. 

The end-January level of GIR continues to serve as an ample external liquidity buffer and is equivalent to 7.2 months' worth of imports of goods and payments of services and primary income.

It is also equivalent to 6.2 times the country's short-term external debt based on original maturity and 4.2 times based on residual maturity.

Net international reserves, which refer to the difference between the BSP's GIR and total short-term liabilities, likewise increased by $2.94 billion to $82.13 billion as of end-January 2019 from the end-December 2018 level of $79.19 billion. DMS