Preliminary data showed that the country's gross international reserves (GIR) stood at US$80.3 billion as of end-November 2017, Bangko Sentral ng Pilipinas (BSP) Officer-in-Charge Chuchi G. Fonacier announced today.1 This was lower than the US$80.4 billion level recorded in October 2017 due mainly to outflows arising from payments made by the National Government (NG) for its maturing foreign exchange obligations as well as revaluation adjustments on the gold holdings of the BSP resulting from the decrease in the price of gold in the international market. These were partially offset by the net foreign currency deposits of the NG and income from the BSP's investments abroad.

The end-November 2017 GIR level remains adequate as it can cover 8.4 months' worth of imports of goods and payments of services and primary income. It is also equivalent to 5.4 times the country's short-term external debt based on original maturity and 3.7 times based on residual maturity.2

Net international reserves (NIR), which refer to the difference between the BSP's GIR and total short-term liabilities, decreased by US$0.1 billion to US$80.3 billion as of end-November 2017, compared to the end-October 2017 NIR of US$80.4 billion.

Source: Bangko Sentral ng Pilipinas (BSP)