Gross international reserves (GIR) declined to $100 billion as of end-September from August's $104.08 billion, the Bangko Sentral ng Pilipinas (BSP) said Wednesday.

The decrease was mainly driven by the following:

Bangko Sentral ng Pilipinas (BSP)’s net foreign exchange operations;

Downward valuation adjustments, primarily driven by changes in the prices of the BSP’s gold holdings and foreign currency–denominated reserve assets;

National government (NG)’s drawdowns on its foreign currency deposits with the BSP for external debt service; and

NG’s net foreign currency withdrawals from its deposits with the BSP.

​The latest GIR level provides sufficient foreign currency to meet the country’s import needs, service its external debt obligations, and serve as a buffer against external economic shocks.

It is equivalent to 6.3 months' worth of imports of goods and payments for services and primary income. It can likewise cover about 3.2 times the country's short-term external debt based on residual maturity. Bangko Sentral ng Pilipinas