The Bangko Sentral ng Pilipinas (BSP) said the latest GIR level represents a more than adequate external liquidity buffer equivalent to 7.5 months' worth of imports of goods and payments of services and primary income.
The October GIR level is also about 5.9 times the country's short-term external debt based on original maturity and 3.7 times based on residual maturity, it added.
The month-on-month increase in the GIR level reflected mainly the national government's net foreign currency deposits with the BSP, which include its issuance of retail onshore dollar bonds, the upward valuation adjustments in the value of the BSP's gold holdings, and the BSP's net foreign exchange operations and net income from its investments abroad, the BSP said.
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