MANILA - The Philippines' gross international reserves (GIR) level rose to $99.7 billion as of the end of January, according to data released by the Bangko Sentral ng Pilipinas.

January's total is higher compared to the $96.1 billion level recorded in December 2022, the BSP said in a statement.

The central bank said the latest GIR level represents more than adequate external liquidity buffer equivalent to 7.5 months' worth of import of goods and payments of services and primary income.

It is also about 6 times the country's short-term debt based on original maturity and 4 times based on residual maturity, it added.

"The month-on-month increase in the GIR level reflected mainly the National Government’s (NG) net foreign currency deposits with the BSP, which include proceeds from its issuance of ROP Global Bonds, the upward valuation adjustments in the value of the BSP’s gold holdings due to the increase in the price of gold in the international market, and net income from the BSP’s investments abroad," the BSP said.

Economic managers have said keeping a hefty reserves level could help the country react swiftly and manage external shocks.

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