End-December 2019 GIR reaches all-time high of $88 billion
Preliminary data shows gross international reserves (GIR) rose by $1.63 billion to $87.86 billion as of end-December 2019 from $86.23 billion as of end-November 2019, the Bangko Sentral ng Pilipinas (BSP) said Tuesday.
The month-on-month increase in the GIR level reflects the inflows arising from the BSP's foreign exchange operations and income from its investments abroad, and the National Government's (NG) net foreign currency deposits.
These inflows were offset partly, however, by outflows representing payments made by the NG on its foreign exchange obligations during the month in review.
The end-December 2019 level of the GIR provides an ample external liquidity buffer equivalent to 7.7 months' worth of imports of goods and services and payments of primary income.
It is also equivalent to 5.5 times the country's short-term external debt based on original maturity and 4.3 times based on residual maturity.
Net international reserves (NIR), which refers to the difference between the BSP's GIR and total short-term liabilities, increased by $1.62 billion to $87.83 billion as of end-December 2019 from the end-November 2019 level of $86.21 billion. DMS