Gross international reserves (GIR) declined to $97.4 billion as of end-October from $ 99.5 billion in September.

The decrease was mainly driven by the following: Bangko Sentral ng Pilipinas (BSP)’s net foreign exchange operations; Downward valuation adjustments, primarily of gold, due to lower global prices; and National government's net foreign currency withdrawals from its deposits with the BSP for external debt servicing and other funding requirements.

Notwithstanding the decline, the latest GIR level remains an adequate external liquidity buffer, providing sufficient foreign currency to meet the country’s import needs and service its external debt obligations.

It is equivalent to 6.1 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. Bangko Sentral ng Pilipinas