MANILA - The country's gross international reserves (GIR) level slightly declined to $106.98 billion as of end-May compared to April's $107.71 billion, the Bangko Sentral ng Pilipinas said Friday.

The number is "more than adequate" external liquidity buffer equivalent to 12.2 months' worth of imports of goods and payments of services and primary income, the BSP said in a statement.

"The month-on-month decrease in the GIR level reflected outflows mainly from the foreign currency withdrawals of the National Government from its deposits with the BSP to pay its foreign currency debt obligations and various expenditures," the central bank said.

Outflows were partly offset by inflows from the BSP's foreign exchange operations and income from investments abroad and the upward adjustment in the value of its gold holdings due to the increase in the international market, the BSP said.

The country's strong macroeconomic fundamentals, including its adequate GIR levels, helped the country swiftly respond to the COVID-19 pandemic, BSP Gov. Benjamin Diokno earlier said.

• Dissecting Data: Foreign direct investments fall by a quarter
• Bangko Sentral says GIR level hit $107.25 billion in April

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