End-October 2019 GIR level rises to $85.7 billion

November 7, 2019

Preliminary data shows that gross international reserves (GIR) rose by $0.12 billion to $85.7 billion as of end-October from $85.58 billion as of end-September, the Bangko Sentral ng Pilipinas said Thursday.

The month-on-month increase in the GIR level reflects the National Government's (NG) foreign currency deposits and BSP's income from its investments abroad.

However, the increase in reserves was tempered by payments made by the NG for servicing its foreign exchange obligations.

The end-October 2019 level of the GIR provides an ample external liquidity buffer that is equivalent to 7.5 months' worth of imports of goods and services and payment of primary income.

It is also equivalent to 5.5 times the country's short-term external debt based on original maturity and 4.1 times based on residual maturity.

Net international reserves (NIR), which refers to the difference between the BSP's GIR and total short-term liabilities, likewise increased by $0.12 billion to 85.69 billion as of end-October 2019 from the end-September 2019 level of $85.57 billion. DMS