Manila [Philippines], October 13 (ANI/Xinhua): The Philippines' gross international reserves (GIR) level settled at 107.16 billion U.S. dollars at the end of September from 107.96 billion dollars at the end of August, the Philippine central bank said on Wednesday.
The latest GIR level represents a more than adequate external liquidity buffer equivalent to 10.8 months' worth of imports of goods and payments of services and primary income, the Bangko Sentral ng Pilipinas (BSP) said in a statement.
Moreover, the BSP said the GIR is about 7.6 times the country's short-term external debt based on original maturity and 5.2 times based on residual maturity.
The BSP attributed the month-on-month decrease mainly to the debt service payment of the national government's foreign currency debt obligations and a downward adjustment in the value of the BSP's gold holdings due to a fall in international gold prices. (ANI/Xinhua)