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MANILA, Philippines (Xinhua) – The Philippine gross international reserves (GIR) in May stood at $39.3 billion, the Bangko Sentral ng Pilipinas (BSP) reported today.

May's GIR is marginally higher by $3 million than the figures posted in April.

BSP governor Amando M. Tetangco Jr. said rising international gold prices led to valuation gains in the central bank's gold holdings. Foreign currency deposits by the national government, as well as income from the BSP's investments abroad, and net foreign exchange operations also boosted the country's foreign exchange reserves.

May's GIR level could cover 6.3 months of imports of goods and payments of services and income; and is equivalent to six times the country's short-term external debt based on original maturity and 3.1 times based on residual maturity, the BSP said.

The level of net international reserves (NIR), which include revaluation of reserve assets and reserve-related liabilities, rose to $38.3 billion in May, compared with the previous month's level of $37.8 billion , the BSP added.

The BSP's partial settlement of credits extended by foreign financial counterparties increased the NIR in May.

NIR refers to the difference between the BSP’s GIR and the total short-term liabilities.