End-June GIR level rose to $85.38 billion  

July 5, 2019

Preliminary data showed  gross international reserves (GIR) rose by $0.02 billion to $85.38 billion as of end-June from $85.36 billion as of end-May.

This was announced by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno Friday

The month-on-month increase in GIR was due mainly to inflows from  revaluation gains from the BSP's gold holdings resulting  from the increase in the price of gold in the international market, National Government's net foreign currency deposits,BSP's foreign exchange operations, and BSP's income from its investments abroad.

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

The end-June level of GIR is equivalent to 7.4 months' worth of imports of goods and payments of services and primary income.

It is also equivalent to 5.1 times the country's short-term external debt based on original maturity and 3.7 times based on residual maturity. 

Net international reserves, which refers to the difference between the BSP's GIR and total short-term liabilities, increased by $0.02 billion to  $85.36 billion as of end-June from end-May level of $85.34 billion. DMS