Gross international reserves (GIR) level, based on preliminary data, rose by $1.17 billion to $108.89 billion as of end-December 2021 from the end-November 2021 level of $107.72 billion.

The latest GIR level represents a more than adequate external liquidity buffer equivalent to 10.3 months’ worth of imports of goods and payments of services and primary income.

Moreover, it is also about 8.8 times the country’s short-term external debt based on original maturity and 5.9 times based on residual maturity.

The month-on-month increase in the GIR level reflected mainly the National Government's net foreign currency deposits with the BSP and upward adjustment in the value of the BSP’s gold holdings due to the increase in the price of gold in the international market.

Similarly, the net international reserves (NIR), which refers to the difference between the BSP’s reserve assets (GIR) and reserve liabilities (short-term foreign debt and credit and loans from the International Monetary Fund (IMF), increased by $1.19 billion to $108.89 billion as of end-December 2021 from the end-November 2021 level of $107.7 billion. BSP