Central Bank of the Philippines
Central Bank of the Philippines
11/11/2021 | Press release | Distributed by Public on 11/11/2021 23:56
End-October 2021 GIR Level Rises to US$107.95 Billion
Media and Research - Press Releases
https://www.bsp.gov.ph/SitePages/MediaAndResearch/MediaDisp.aspx?ItemId=6024
End-October 2021 GIR Level Rises to US$107.95 Billion
November 11, 2021
The country's gross international reserves (GIR) level, based on preliminary data, rose by US$1.35 billion to US$107.95 billion as of end-October 2021 from the end-September 2021 level of US$106.6 billion. The latest GIR level represents a more than adequate external liquidity buffer equivalent to 10.8 months' worth of imports of goods and payments of services and primary income.1 Moreover, it is also about 7.8 times the country's short-term external debt based on original maturity and 5.4 times based on residual maturity.2,3
The month-on-month increase in the GIR level reflected mainly the National Government's (NG) net foreign currency deposits with the BSP and upward adjustment in the value of the BSP's gold holdings due to the increase in the price of gold in the international market.4
Similarly, the net international reserves (NIR), which refers to the difference between the BSP's GIR and total short-term liabilities, increased by US$1.35 billion to US$107.93 billion as of end-October 2021 from the end-September 2021 level of US$106.58 billion.
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1 By convention, GIR is viewed to be adequate if it can finance at least three-months' worth of the country's imports of goods and payments of services and primary income.
2 Short-term debt based on residual maturity refers to outstanding external debt with original maturity of one year or less, plus principal payments on medium- and long-term loans of the public and private sectors falling due within the next 12 months.
3 The level of GIR, as of a particular period, is considered adequate, if it provides at least 100 percent cover for the payment of the country's foreign liabilities, public and private, falling due within the immediate twelve-month period.
4 The NG issued Retail Onshore Dollar Bonds (RDBs) and deposited the proceeds amounting to US$1.593 billion with the BSP.
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