What is the total reserves of the Philippines?

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What is the total reserves of the Philippines?

Mon, 07/25/2011 - 15:13

What is the GIR of the Philippines?
Ano ang GIR?

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Rod's picture

Stronger foreign exchange

Mon, 07/25/2011 - 15:17

Stronger foreign exchange inflows and higher prices of gold in the international market pushed the Philippines' gross international reserves (GIR) near a record mark of US$50 billion as of August 2010.  As of August, the GIR hit US$49.578 billion, up by US$536 million or 1.09 percent from US$49.042 billion in July.  It was also up by US$8 billion or 19.5 percent from US$41.492 billion in August 2009.

"The increase in preliminary GIR level in August was due mainly to foreign exchange operations and income from investments abroad of the Bangko Sentral, and revaluation gains on the Central Bank's gold holdings on account of the increase in gold prices in the international market," said Central Bank Governor Amando Tetangco Jr.

Data shows that gold reserves rose to US$7.057 billion in August from US$6.677 billion in July and US$4.83 billion a year ago.  Foreign investments also rose to US$40.916 billion in August from US$40.785 billion in July and US$35.024 billion in August 2009.

Governor Tetangco said foreign investments are denominated in various currencies such as the US dollar, the euro, and the Japanese yen.

Other components of the GIR are special drawing rights amounting to US$1.105 billion and foreign exchange worth US$367.8 million as of August.

Inflows of foreign investments and higher gold values were partially offset by payments for maturing foreign exchange obligations of the national government and the Central Bank, as well as foreign currency withdrawals by authorised agent banks.

At US$49.578 billion, the August GIR could cover 9.2 months of imports of goods and payments of services and income.  It was also equivalent to 9.5 times the country's short-term external debt with original maturity of one year or less.

Net international reserves, which include the revaluation of reserve assets and reserve-related liabilities, also stood at US$49.6 billion as of August.  NIR refers to the difference between the GIR and total short-term liabilities.