The country’s preliminary gross international reserves (GIR) as of
end-January 2012 rose to US$77.0 billion, higher by US$1.7 billion
compared to the end-December 2011 GIR of US$75.3 billion, Bangko Sentral
ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. announced today.
The build-up in the reserves level was due mainly to foreign exchange inflows coming from the foreign currency deposits by the National Government (NG) of proceeds from its dollar-denominated 25-year global bonds issuance, revaluation gains on the BSP’s gold holdings as well as income from the BSP’s investments abroad. These inflows were partially offset, however, by payments for maturing foreign exchange obligations of the NG and the BSP and foreign currency withdrawals by authorized agent banks (AABs). The end-January 2012 GIR could cover 11.3 months worth of imports of goods and payments of services and income. It was also equivalent to 10.8 times the country’s short-term external debt based on original maturity and 6.9 times based on residual maturity. 2 Net international reserves (NIR), which include revaluation of reserve assets and reserve-related liabilities, rose by US$1.7 billion to reach US$77.0 billion as of end-January 2012, compared to the end-December 2011 NIR of US$75.3 billion. NIR refers to the difference between the BSP’s GIR and total short-term liabilities. ------------------- 1 The final data on GIR are released to the public every 19th day of the month in the Statistics section of the BSP’s website under the Special Data Dissemination Standards (SDDS). If the 19th day of the month falls on a weekend or is a non-working holiday, the release date shall be the working day nearest to the 19th. 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. <bsp.gov.ph> - https://www.affordablecebu.com/
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"Philippines Gross International Reserves (GIR) Level Hits the US$77.0 Billion as of End-January 2012" was written by Mary under the Banking category. It has been read 2510 times and generated 0 comments. The article was created on 07 February 2012 and updated on 07 February 2012.
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