Gross international reserves (GIR) level, based on preliminary data, settled at $112.43 billion as of end-October from the end-September level of $112.71 billion.

The latest GIR level represents a more than adequate external liquidity buffer equivalent to 8.1 months’ worth of imports of goods and payments of services and primary income.

Moreover, it is also about 4.5 times the country’s short-term external debt based on residual maturity.

The month-on-month decrease in the GIR level reflected mainly the National Government’s (NG) net foreign currency withdrawals from its deposits with the BSP to settle its foreign currency debt obligations and pay for its various expenditures.

Similarly, the net international reserves (NIR) declined slightly by $0.28 billion to $112.39 billion as of end-October from the end-September level of $112.67 billion. Bangko Sentral ng Pilipinas