Gross international reserves (GIR) remained adequate at $104.8 billion as of end-June, the Bangko Sentral ng Pilipinas (BSP) said Wednesday.

These provide sufficient foreign currency to meet the country’s import needs, service its external debt obligations, and serve as a buffer against external economic shocks.

The increase in reserves was mainly driven by the following: national government’s (NG) net foreign currency deposits with the BSP, and BSP’s net income from its investments abroad.

These were partly offset, however, by the following: downward valuation adjustments, primarily driven by changes in prices of the BSP’s gold holdings and foreign currency–denominated reserve assets, and NG’s drawdowns on its foreign currency deposits with the BSP for external debt service.

The end-June GIR level can cover up to 6.8 months' worth of imports of goods and payments of services and primary income. It can likewise cover about 3.7 times the country's short-term external debt based on residual maturity. Bangko Sentral ng Pilipinas