Gross int'l reserves climb to US$56.8B PDF Print E-mail
Tuesday, 09 November 2010 13:53

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed that the country's gross international reserves rose to US$56.8 billion as of end-October 2010, higher by US$3.0 billion or 5.6 percent than the previous month's level of US$53.8 billion, BSP Governor Amando M. Tetangco, Jr. announced today.

The appreciable build-up in the reserves level was due mainly to inflows from the foreign exchange operations and income from investments abroad of the BSP, foreign currency deposits by the National Government (NG) of proceeds from the new money component of the global bond exchange as well as revaluation gains on the BSP's gold holdings on account of the increase in gold prices in the international market.

These inflows were partially offset, however, by payments for maturing foreign exchange obligations of the NG.

The end-October 2010 GIR level could cover 9.9 months worth of imports of goods and payments of services and income. It was also equivalent to 10.3 times the country's short-term external debt based on original maturity and 5.6 times based on residual maturity.

Net international reserves (NIR), which include revaluation of reserve assets and reserve-related liabilities, also stood at US$56.8 billion as of end-October 2010, compared to the NIR level of US$53.7 billion a month ago. NIR refers to the difference between the BSP's GIR and total short-term liabilities.