The month-on-month rise in GIR is primarily attributed to the national government's net foreign currency deposits with the BSP, which include proceeds from the issuance of the government’s global bonds, and the net income from BSP’s investments abroad, the central bank said in a statement.
The BSP said this increase reflects a robust external liquidity buffer, equivalent to 7.7 months' worth of imports and payments.
It is also 5.9 times the country's short-term external debt based on original maturity and 3.6 times based on residual maturity.
Similarly, net international reserves, the difference between BSP’s reserve assets and reserve liabilities, increased by $1.87 billion to $104.46 billion by the end of May 2024, up from $102.59 billion in April.
