Preliminary data showed gross international reserves (GIR) level as of end-September was lower at $75.16 billion from end-August level of $77.93 billion, Bangko Sentral ng Pilipinas (BSP) Officer-in-Charge Diwa Guinigundo announced Friday.

At this level, the GIR is equivalent to 6.8 months' worth of imports of goods and payments of services and primary income. It is also equivalent to 5.9 times the country's short-term external debt based on original maturity and 4.2 times based on residual maturity.

The month-on-month decline in the GIR level was due mainly to outflows arising from the foreign exchange operations of the BSP, payments made by the national government for its maturing foreign exchange obligations, and revaluation adjustments on the BSP's gold holdings resulting from the decrease in the price of gold in the international market.

However, the decline in the GIR level was partially tempered by the national government's net foreign currency deposits.

Net international reserves (NIR), which refer to the difference between the BSP's GIR and total short-term liabilities, likewise decreased by $2.77 billion to $75.15 billion as of end-September, from the end-August level of $77.92 billion. DMS