Gross int'l reserves level slightly dips in November: BSP

ABS-CBN News

Posted at Dec 08 2022 09:59 AM

MANILA — The country's gross international reserves (GIR) level settled at $93.95 billion as of the end of November, slightly lower than the previous month, data from the Bangko Sentral ng Pilipinas showed. 

November's total is lower than the $94.03 billion in October, the BSP said in a statement. 

"The month-on-month decrease in the GIR level reflected mainly the National Government’s (NG) payments of its foreign currency debt obligations and the Bangko Sentral ng Pilipinas’ net foreign exchange operations," it 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 central bank said. 

It is also 6.9 times the country's short-term external debt based on original maturity and 4.2 times based on residual maturity, it added. 

Finance managers previously said the country's "hefty" dollar reserves helped shield the economy from external shocks such as the impact of the COVID-19 pandemic. 

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