Gross international reserves (GIR) declined to $99.5 billion as of end-September from the previous month.

The decrease was mainly driven by the following: Bangko Sentral ng Pilipinas (BSP)’s net foreign exchange operations; downward valuation adjustments, primarily due to 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 6.2 months' worth of imports of goods and payments for services and primary income. It can likewise cover about 3.1 times the country's short-term external debt based on residual maturity.

The overall balance of payments (BOP), which captures the transactions of the country with the rest of the world, recorded a $3.1-billion deficit in September.

The BOP deficit in September brought the cumulative BOP position for January-September to a $9.1billion deficit, wider than the $5.3-billion deficit recorded during the same period last year.

The year-to-date BOP position reflected the continued trade in goods deficit and net outflows from foreign portfolio investments.

These were partly offset by the sustained net inflows from personal remittances of overseas Filipinos, foreign borrowings by the NG, trade in services, and foreign direct investments. Bangko Sentral ng Pilipinas