PH Dollar Reserves Up At $101.3-B End-November

The Philippines' gross international reserves (GIR) rose to $101.303 billion at the end of November, marking an increase of $268 million compared to the previous month's $101.035 billion, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP).

The month-on-month increase in the GIR level, amounting to $268 million, was partly attributed to the adjusted valuation of gold holdings, reflecting the increase in the price of gold in the global market.

The current GIR level is significantly higher by $6.18 billion compared to the same period last year, which stood at $95.123 billion. The end-November GIR is the fourth-highest level in 2023, with the peak recorded at $101.76 billion in April.

The month-on-month increase in the GIR level, amounting to $268 million, was partly attributed to the adjusted valuation of gold holdings, reflecting the increase in the price of gold in the global market.

Additionally, the BSP's net income from investments abroad contributed to the rise in GIR.

The net international reserves (NIR), representing the difference between the BSP's reserve assets (GIR) and its reserve liabilities, reached $100.5 billion at the end of November, compared to $100.3 billion at the end of October.

The NIR includes BSP's short-term foreign debt, credit, and loans from the International Monetary Fund (IMF). The BSP stated that the latest GIR level represents a more than adequate external liquidity buffer.

The current GIR level is equivalent to 7.5 months' worth of imports of goods and payments of services and primary income. It is also about 5.8 times the country's short-term external debt based on original maturity and 3.6 times based on residual maturity. The BSP's reserve assets include gold, foreign investments, foreign exchange, reserve position in the IMF, and special drawing rights (SDRs) in the IMF.

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