Gross international reserves (GIR) level, based on preliminary data, rose by $4.53 billion to $98 billion as of end-July from the end-June level of $93.47 billion.

The month-on-month increase in the GIR level reflected inflows mainly from the revaluation gains from the BSP’s gold holdings, National Government’s foreign currency deposits with the BSP as well as BSP’s income from its investments abroad.

These inflows were partly offset, however, by the foreign currency withdrawals made by the National Government to pay its foreign currency debt obligations.

The end-JulyGIR level represents an ample external liquidity buffer which can cushion the domestic economy against external shocks. It is equivalent to 8.9 months’ worth of imports of goods and payments of services and primary income.

It is also about 7.5 times the country’s short-term external debt based on original maturity and 4.9 times based on residual maturity.

Similarly, the net international reserves (NIR), which refers to the difference between the BSP’s GIR and total short-term liabilities, increased by $4.52 billion to $97.99 billion as of end-July from the end-June level of $93.47 billion. BSP