MANILA, Oct. 7 (Xinhua) -- The Philippines' gross international reserves (GIR) rose to 108.8 billion U.S. dollars in September from 107.1 billion dollars in August, according to preliminary data released by the Bangko Sentral ng Pilipinas (BSP) on Tuesday.
GIR rose in September due to higher global gold prices, income from BSP investments, and foreign currency deposits by the national government with the BSP, the central bank said.
The BSP said that the latest GIR level provides a robust external liquidity buffer, equivalent to 7.3 months' worth of imports of goods and payments of services and primary income. Moreover, it covers about 3.6 times the country's short-term external debt based on residual maturity.
Gross international reserves are made up of foreign-denominated securities, foreign exchange, and other assets, including gold, and help a country finance its imports and foreign debt obligations, stabilize its currency, and provide a buffer against external economic shocks. ■