INTERNATIONAL RESERVES, 2017 Jan – Decp, End-of-Period (In US$ Billion) Jan Gross International Reserves (GIR) 81.38 GIR Annual Growth Rate (in %) 0.8 Reserve Position in the Fund 0.45 Gold 7.64 Special Drawing Rights (SDRs) 1.15 Foreign Investments 68.37 Foreign Exchange 3.77 Less: Liabilities 0.006 Net International Reserves (NIR)1 81.37 Reserve Adequacy Measures Import Cover2 8.8 Short-Term External Debt Cover3 Original Maturity4 0.53 Residual Maturity5 0.40r Memo Item (In %) Percent Share to Total GIR 100.0 Reserve Position in the Fund 0.5 Gold 9.4 SDRs 1.4 Foreign Investments 84.0 Foreign Exchange 4.6

Feb Mar Apr 81.44 80.89 82.02 (0.5) (2.5) (2.1) 0.44 0.45 0.45 7.86 7.89 7.93 1.15 1.15 1.16 68.20 67.68 68.88 3.78 3.73 3.59 0.009 0.013 0.017 81.43 80.88 82.00

May 82.18 (0.9) 0.45 8.00 1.17 68.91 3.64 0.020 82.16

2017 Jun Jul 81.32 81.07 (4.6) (5.2) 0.45 0.45 7.84 8.00 1.18 1.19 68.16 67.15 3.69 4.27 0.003 0.007 81.32 81.06

Aug 81.73 (4.7) 0.45 8.43 1.20 67.09 4.56 0.010 81.72

Sep 80.96 (6.0) 0.45 8.06 1.20 65.37 5.88 0.014 80.95

Oct 80.42 (5.5) 0.44 8.06 1.19 65.26 5.46 0.018 80.40

Nov 80.31 (1.4) 0.44 8.05 1.20 65.18 5.45 0.021 80.29

Decp 81.47 1.0 0.42 8.34 1.20 65.76 5.74 0.021 81.45

8.7

8.6

8.7

8.6

8.5

8.4

8.4

8.2

8.2

8.2

8.3

0.53 0.41r

0.54 0.41r

0.56 0.42r

0.56 0.42r

0.56 0.42r

0.54 0.41r

0.56 0.41r

0.57 0.40r

0.57r 0.41r

0.57r 0.41r

0.58 0.42r

100.0 100.0 100.0 0.5 0.6 0.5 9.7 9.8 9.7 1.4 1.4 1.4 83.7 83.7 84.0 4.6 4.6 4.4

100.0 0.6 9.7 1.4 83.9 4.4

100.0 100.0 100.0 100.0 100.0 100.0 100.0 0.6 0.6 0.5 0.6 0.6 0.5 0.5 9.6 9.9 10.3 10.0 10.0 10.0 10.2 1.4 1.5 1.5 1.5 1.5 1.5 1.5 83.8 82.8 82.1 80.7 81.1 81.2 80.7 4.5 5.3 5.6 7.3 6.8 6.8 7.0

1

Inclusive of gold monetization and revaluation of reserve assets and reserve-related liabilities which are excluded in the calculation of the balance of payments (BOP). Net International Reserves (NIR) refer to the difference between Gross International Reserves (GIR) and the total of the Bangko Sentral's short-term liabilities and the Use of Fund Credits (UFC). UFC refers to the sum of outstanding drawings from the IMF under various policies and facilities, other than drawings under the reserve tranche. 2 Number of months of average imports of goods and payment of services and income that can be financed by reserves. Starting 2005, figures were revised to reflect data based on BPM6 concept. 3 Starting December 2005, outstanding annual short-term debt were revised to reflect the new reporting framework in line with international standards under the latest External Debt Statistics Guide and International Monetary Fund's Balance of Payments and International Investment Position Manual, 6th Edition 4 Based on latest available outstanding short-term external debt. 5 Refers to adequacy of reserves to cover outstanding short-term debt based on original maturity plus principal payments on medium-and long-term loans of the public and private sectors falling due in the next 12 months. Figures reflect data based on outstanding short-term debt and debt service schedule on outstanding external debt as of 30 September 2017. p Preliminary r Revised Details may not add up to total due to rounding.

Prepared by the BUREAU OF TRADE AND INDUSTRIAL POLICY RESEARCH – DEPARTMENT OF TRADE AND INDUSTRY Source: Bangko Sentral ng Pilipinas As of 09 January 2018

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